AbbVie (NYSE:ABBV) Stock Price Down 0.8%

AbbVie Inc. (NYSE:ABBV)’s share price fell 0.8% during trading on Tuesday . The stock traded as low as $195.60 and last traded at $195.84. 505,541 shares were traded during trading, a decline of 91% from the average session volume of 5,453,596 shares. The stock had previously closed at $197.44.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ABBV shares. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Piper Sandler raised their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. 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 company. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $191.64.

AbbVie Price Performance

The firm has a 50-day moving average of $179.49 and a 200 day moving average of $173.31. The company has a market capitalization of $345.97 billion, a PE ratio of 57.96, a PEG ratio of 2.49 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Buying and Selling at AbbVie

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

Institutional Trading of AbbVie

Several institutional investors have recently made changes to their positions in the business. Dana Investment Advisors Inc. grew its holdings in AbbVie by 7.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 150,086 shares of the company’s stock valued at $25,743,000 after buying an additional 10,319 shares in the last quarter. KPP Advisory Services LLC increased its holdings in AbbVie by 5.3% in the 2nd quarter. KPP Advisory Services LLC now owns 6,167 shares of the company’s stock valued at $1,058,000 after acquiring an additional 309 shares during the last quarter. New Century Financial Group LLC lifted its stake in AbbVie by 342.6% in the 2nd quarter. New Century Financial Group LLC now owns 7,705 shares of the company’s stock worth $1,322,000 after purchasing an additional 5,964 shares in the last quarter. Wealthquest Corp boosted its holdings in shares of AbbVie by 2.1% during the 2nd quarter. Wealthquest Corp now owns 6,261 shares of the company’s stock valued at $1,074,000 after purchasing an additional 130 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in shares of AbbVie by 0.3% during the second quarter. Cetera Investment Advisers now owns 610,223 shares of the company’s stock valued at $104,666,000 after purchasing an additional 1,999 shares in the last quarter. 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.