AbbVie (NYSE:ABBV) Shares Down 0.3% – What’s Next?

AbbVie Inc. (NYSE:ABBV)’s stock price was down 0.3% on Wednesday . The company traded as low as $187.50 and last traded at $188.25. Approximately 845,485 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 5,270,121 shares. The stock had previously closed at $188.76.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent analyst reports. Truist Financial boosted their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. BMO Capital Markets boosted their price objective on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Sanford C. Bernstein began coverage on shares of AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective for the company. TD Cowen boosted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Finally, UBS Group boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

AbbVie Stock Down 0.7 %

The company has a market capitalization of $332.41 billion, a price-to-earnings ratio of 55.73, a PEG ratio of 2.66 and a beta of 0.63. The stock’s fifty day simple moving average is $194.22 and its two-hundred day simple moving average is $178.08. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.91 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.29%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of hedge funds have recently bought and sold shares of the company. Towerpoint Wealth LLC lifted its position in shares of AbbVie by 6.5% in the first quarter. Towerpoint Wealth LLC now owns 5,003 shares of the company’s stock worth $911,000 after purchasing an additional 304 shares in the last quarter. Thrive Wealth Management LLC raised its position in AbbVie by 10.0% during the first quarter. Thrive Wealth Management LLC now owns 6,363 shares of the company’s stock valued at $1,159,000 after acquiring an additional 578 shares in the last quarter. Lockerman Financial Group Inc. bought a new position in AbbVie during the first quarter valued at approximately $212,000. Investment Partners LTD. raised its position in AbbVie by 376.0% during the first quarter. Investment Partners LTD. now owns 16,861 shares of the company’s stock valued at $3,070,000 after acquiring an additional 13,319 shares in the last quarter. Finally, Sunburst Financial Group LLC raised its position in AbbVie by 6.6% during the first quarter. Sunburst Financial Group LLC now owns 1,935 shares of the company’s stock valued at $350,000 after acquiring an additional 119 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.