AbbVie (NYSE:ABBV) Stock Price Down 0.7% – Here’s Why

AbbVie Inc. (NYSE:ABBV)’s share price dropped 0.7% on Thursday . The company traded as low as $208.88 and last traded at $210.15. Approximately 890,908 shares traded hands during trading, a decline of 85% from the average daily volume of 5,984,420 shares. The stock had previously closed at $211.54.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Guggenheim lifted their price target on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Bank of America lifted their target price on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research note on Tuesday. Piper Sandler increased their price target on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. BMO Capital Markets lifted their price objective on shares of AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $211.45.

AbbVie Trading Down 0.4 %

The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The company has a market cap of $371.98 billion, a price-to-earnings ratio of 87.80, a P/E/G ratio of 1.62 and a beta of 0.58. The company’s fifty day moving average is $186.27 and its two-hundred day moving average is $187.31.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter last year, the business posted $2.79 earnings per share. On average, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is 273.33%.

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at $8,985,223.60. The trade was a 40.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,439 shares of company stock worth $11,377,057 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wood Tarver Financial Group LLC acquired a new stake in AbbVie in the 4th quarter valued at about $281,000. TFR Capital LLC. acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $2,343,000. AG Asset Advisory LLC purchased a new position in AbbVie during the fourth quarter worth approximately $201,000. Castle Rock Wealth Management LLC boosted its stake in AbbVie by 5.0% during the fourth quarter. Castle Rock Wealth Management LLC now owns 7,138 shares of the company’s stock worth $1,377,000 after buying an additional 341 shares during the last quarter. Finally, Copley Financial Group Inc. grew its holdings in AbbVie by 4.8% in the 4th quarter. Copley Financial Group Inc. now owns 2,594 shares of the company’s stock valued at $461,000 after buying an additional 119 shares in the last quarter. Institutional investors and hedge funds 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.