AbbVie (NYSE:ABBV) Shares Down 0.2% – Here’s Why

AbbVie Inc. (NYSE:ABBV)’s share price was down 0.2% during trading on Thursday . The company traded as low as $189.56 and last traded at $190.14. Approximately 672,885 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 5,281,149 shares. The stock had previously closed at $190.46.

Analyst Ratings Changes

A number of equities analysts recently commented on ABBV shares. TD Cowen lifted their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Sanford C. Bernstein started coverage on AbbVie in a research note on Thursday. They issued a “market perform” rating and a $203.00 price objective on the stock. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. UBS Group lifted their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Finally, Truist Financial lifted their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $198.69.

AbbVie Trading Down 1.0 %

The company has a market cap of $332.99 billion, a P/E ratio of 56.42, a PEG ratio of 2.66 and a beta of 0.63. The stock’s 50 day moving average is $194.50 and its 200-day moving average is $177.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.91 EPS. Research analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company 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 $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABBV. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie during the second quarter worth $27,000. Marquette Asset Management LLC bought a new stake in shares of AbbVie during the third quarter worth $39,000. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie during the first quarter worth $37,000. Finally, Quest Partners LLC lifted its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during 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.