AbbVie (NYSE:ABBV) Stock Price Up 0.1%

AbbVie Inc. (NYSE:ABBV) shot up 0.1% during mid-day trading on Wednesday . The company traded as high as $197.34 and last traded at $196.28. 679,700 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 5,486,175 shares. The stock had previously closed at $196.15.

Analysts Set New Price Targets

A number of research firms have commented on ABBV. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets lifted their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. Finally, Truist Financial restated a “buy” rating and issued a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $191.64.

AbbVie Trading Up 0.6 %

The firm has a market cap of $348.86 billion, a PE ratio of 58.56, a P/E/G ratio of 2.49 and a beta of 0.64. 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 business has a fifty day moving average price of $178.35 and a 200 day moving average price of $172.98.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.91 EPS. Analysts forecast that AbbVie Inc. will post 10.87 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were issued a $1.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.14%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On AbbVie

Institutional investors have recently added to or reduced their stakes in the business. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at approximately $26,000. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the 2nd quarter worth $27,000. Able Wealth Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at about $33,000. Finally, IFS Advisors LLC acquired a new stake in shares of AbbVie in the first quarter valued at about $36,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

About AbbVie

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.