AbbVie (NYSE:ABBV) Stock Price Down 0.2% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) shares fell 0.2% on Thursday . The stock traded as low as $189.56 and last traded at $190.14. 672,885 shares were traded during mid-day trading, a decline of 87% from the average session volume of 5,281,149 shares. The stock had previously closed at $190.46.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ABBV. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Bank of America boosted their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Price Performance

The stock has a 50 day simple moving average of $194.44 and a two-hundred day simple moving average of $177.76. The firm has a market cap of $333.52 billion, a PE ratio of 56.04, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 203.66% and a net margin of 9.71%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $2.91 EPS. Sell-side analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. AbbVie’s payout ratio is currently 183.98%.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Institutional investors and hedge funds have recently modified their holdings of the business. Aprio Wealth Management LLC boosted its holdings in AbbVie by 40.5% in the 1st quarter. Aprio Wealth Management LLC now owns 3,944 shares of the company’s stock worth $718,000 after buying an additional 1,136 shares during the last quarter. Atwood & Palmer Inc. boosted its holdings in AbbVie by 0.6% in the 1st quarter. Atwood & Palmer Inc. now owns 190,431 shares of the company’s stock worth $34,677,000 after buying an additional 1,124 shares during the last quarter. LexAurum Advisors LLC acquired a new stake in AbbVie in the 1st quarter worth about $210,000. CVA Family Office LLC boosted its holdings in AbbVie by 3.1% in the 1st quarter. CVA Family Office LLC now owns 3,469 shares of the company’s stock worth $632,000 after buying an additional 103 shares during the last quarter. Finally, Johnson & White Wealth Management LLC boosted its holdings in AbbVie by 8.7% in the 1st quarter. Johnson & White Wealth Management LLC now owns 5,431 shares of the company’s stock worth $989,000 after buying an additional 436 shares during 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.