AbbVie (NYSE:ABBV) Trading Down 0.4%

AbbVie Inc. (NYSE:ABBV)’s stock price dropped 0.4% during trading on Thursday . The stock traded as low as $195.65 and last traded at $196.02. Approximately 1,090,708 shares were traded during trading, a decline of 80% from the average daily volume of 5,327,248 shares. The stock had previously closed at $196.82.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ABBV shares. Truist Financial reaffirmed a “buy” rating and set a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Barclays lifted their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $191.64.

AbbVie Price Performance

The stock has a market capitalization of $344.91 billion, a PE ratio of 58.17, a P/E/G ratio of 2.65 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm’s 50 day simple moving average is $192.90 and its 200 day simple moving average is $176.61.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the company earned $2.91 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts forecast that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.17%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on 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 completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s 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 sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the chairman now directly 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. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

Large investors have recently made changes to their positions in the business. Capital International Sarl boosted its position in AbbVie by 2.9% during the 4th quarter. Capital International Sarl now owns 30,222 shares of the company’s stock valued at $4,684,000 after acquiring an additional 863 shares in the last quarter. 1832 Asset Management L.P. grew its stake in AbbVie by 1.5% in the fourth quarter. 1832 Asset Management L.P. now owns 58,817 shares of the company’s stock worth $9,115,000 after purchasing an additional 864 shares during the period. Envestnet Asset Management Inc. raised its holdings in AbbVie by 3.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,569,981 shares of the company’s stock worth $708,210,000 after purchasing an additional 172,672 shares in the last quarter. Morningstar Investment Services LLC lifted its position in AbbVie by 110.6% during the fourth quarter. Morningstar Investment Services LLC now owns 10,694 shares of the company’s stock valued at $1,655,000 after buying an additional 5,616 shares during the period. Finally, Lokken Investment Group LLC boosted its holdings in shares of AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after buying an additional 58 shares in the last quarter. 70.23% of the stock is currently owned by 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.