AbbVie (NYSE:ABBV) Trading Down 0.7% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) dropped 0.7% during mid-day trading on Friday . The company traded as low as $193.95 and last traded at $193.99. Approximately 1,763,469 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 5,320,994 shares. The stock had previously closed at $195.45.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ABBV. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Truist Financial reissued a “buy” rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie currently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Price Performance

The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company’s 50 day moving average price is $193.17 and its 200 day moving average price is $176.74. The company has a market cap of $342.00 billion, a price-to-earnings ratio of 57.56, a P/E/G ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.91 EPS. On average, equities research analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.20%. AbbVie’s dividend payout ratio is currently 183.98%.

Insiders Place Their Bets

In other AbbVie news, 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’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 completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of large investors have recently bought and sold shares of the business. First Citizens Financial Corp increased its stake in AbbVie by 0.9% during the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after purchasing an additional 53 shares in the last quarter. Duncan Williams Asset Management LLC boosted its position in AbbVie by 135.9% during the 3rd quarter. Duncan Williams Asset Management LLC now owns 4,260 shares of the company’s stock worth $841,000 after acquiring an additional 2,454 shares during the last quarter. Abacus Wealth Partners LLC grew its stake in shares of AbbVie by 14.9% in the third quarter. Abacus Wealth Partners LLC now owns 1,737 shares of the company’s stock valued at $343,000 after buying an additional 225 shares in the last quarter. Apella Capital LLC boosted its position in AbbVie by 6.6% during the third quarter. Apella Capital LLC now owns 8,070 shares of the company’s stock worth $1,588,000 after purchasing an additional 501 shares during the period. Finally, Johnson & White Wealth Management LLC boosted its position in AbbVie by 4.1% during the third quarter. Johnson & White Wealth Management LLC now owns 6,116 shares of the company’s stock worth $1,208,000 after purchasing an additional 242 shares during the period. 70.23% of the stock is owned by institutional investors.

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.