AbbVie (NYSE:ABBV) Trading Down 2.5%

AbbVie Inc. (NYSE:ABBV) dropped 2.5% during trading on Monday . The company traded as low as $183.11 and last traded at $184.65. Approximately 1,649,568 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 5,566,671 shares. The stock had previously closed at $189.29.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Tuesday, July 2nd. BMO Capital Markets increased their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Morgan Stanley increased their target price on shares of AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Finally, HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $188.71.

AbbVie Stock Down 2.6 %

The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The company has a market capitalization of $325.68 billion, a PE ratio of 54.75, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. The business’s 50-day simple moving average is $170.28 and its 200-day simple moving average is $170.48.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $2.91 EPS. As a group, equities research analysts anticipate that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.36%. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors have recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie in the fourth quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter valued at approximately $27,000. Able Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter valued at approximately $33,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the first quarter worth approximately $36,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth approximately $37,000. 70.23% of the stock is owned by institutional investors and hedge funds.

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.