AbbVie (NYSE:ABBV) Stock Price Down 2% – What’s Next?

AbbVie Inc. (NYSE:ABBV) fell 2% during mid-day trading on Friday . The company traded as low as $169.33 and last traded at $170.64. 2,208,524 shares were traded during trading, a decline of 63% from the average session volume of 5,915,459 shares. The stock had previously closed at $174.20.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ABBV shares. Citigroup upped their price target on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Truist Financial upped their target price on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Guggenheim lifted their price target on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Piper Sandler Companies restated an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a report on Tuesday, December 17th. Finally, Raymond James reiterated an “outperform” rating and set a $220.00 price objective (up from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Six analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $210.71.

AbbVie Trading Up 0.7 %

The company has a market cap of $310.39 billion, a price-to-earnings ratio of 73.24, a PEG ratio of 1.62 and a beta of 0.55. The business’s 50 day moving average price is $200.47 and its 200-day moving average price is $188.60. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

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

AbbVie Dividend Announcement

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 given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.74%. AbbVie’s payout ratio is presently 273.33%.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares in the company, valued at $2,338,401.36. This represents a 62.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,471 shares of company stock valued at $23,426,451. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On AbbVie

Several hedge funds and other institutional investors have recently made changes to their positions in ABBV. KFG Wealth Management LLC lifted its stake in AbbVie by 9.6% in the 1st quarter. KFG Wealth Management LLC now owns 1,819 shares of the company’s stock valued at $381,000 after purchasing an additional 160 shares during the last quarter. Sara Bay Financial lifted its stake in shares of AbbVie by 7.2% in the 1st quarter. Sara Bay Financial now owns 14,606 shares of the company’s stock valued at $2,998,000 after acquiring an additional 977 shares during the last quarter. Impact Capital Partners LLC boosted its holdings in shares of AbbVie by 10.2% during the 1st quarter. Impact Capital Partners LLC now owns 24,137 shares of the company’s stock valued at $5,057,000 after acquiring an additional 2,231 shares in the last quarter. Horizon Wealth Management LLC grew its position in AbbVie by 3.2% during the 1st quarter. Horizon Wealth Management LLC now owns 3,742 shares of the company’s stock worth $784,000 after acquiring an additional 117 shares during the last quarter. Finally, Tower Wealth Partners Inc. increased its holdings in AbbVie by 5.2% in the 1st quarter. Tower Wealth Partners Inc. now owns 1,486 shares of the company’s stock worth $311,000 after purchasing an additional 73 shares in the last quarter. 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.