Stock Traders Purchase Large Volume of Call Options on AbbVie (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) saw some unusual options trading activity on Tuesday. Investors purchased 62,421 call options on the stock. This is an increase of approximately 307% compared to the average volume of 15,355 call options.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent research reports. Piper Sandler reissued an “overweight” rating and set a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. BMO Capital Markets upped their target price on AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday. Evercore set a $235.00 target price on AbbVie in a report on Friday, May 15th. Wells Fargo & Company raised their price target on AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Royal Bank Of Canada boosted their price target on AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $266.24.

AbbVie Stock Down 1.3%

Shares of NYSE:ABBV traded down $3.25 during trading on Tuesday, reaching $244.75. The stock had a trading volume of 5,234,574 shares, compared to its average volume of 7,169,803. The business has a fifty day moving average price of $226.15 and a 200-day moving average price of $221.34. The stock has a market cap of $432.42 billion, a P/E ratio of 120.57, a PEG ratio of 0.81 and a beta of 0.30. AbbVie has a fifty-two week low of $184.63 and a fifty-two week high of $261.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie’s revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.46 earnings per share. As a group, equities analysts forecast that AbbVie will post 14.3 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is 340.89%.

Hedge Funds Weigh In On AbbVie

Institutional investors have recently added to or reduced their stakes in the business. Procyon Advisors LLC lifted its position in shares of AbbVie by 19.9% during the fourth quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after purchasing an additional 5,427 shares in the last quarter. Waycross Partners LLC boosted its stake in shares of AbbVie by 2.9% in the fourth quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock valued at $41,694,000 after purchasing an additional 5,063 shares during the period. Calamos Advisors LLC grew its holdings in AbbVie by 3.4% during the 4th quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock valued at $106,543,000 after purchasing an additional 15,458 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in AbbVie by 11.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 636,710 shares of the company’s stock worth $143,026,000 after buying an additional 66,720 shares during the period. Finally, Axecap Investments LLC increased its stake in AbbVie by 713.2% during the 4th quarter. Axecap Investments LLC now owns 16,320 shares of the company’s stock worth $3,729,000 after buying an additional 14,313 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: BMO Capital Markets raised its price target on AbbVie to $300 from $258 and reiterated an outperform rating, signaling Wall Street sees meaningful upside. AbbVie price target raised by BMO Capital Markets
• Positive Sentiment: AbbVie’s Allergan Aesthetics unit said SkinMedica is expanding R&D investment and launching a regenerative science advisory board, suggesting continued product innovation and long-term growth support. SkinMedica deepens commitment to regenerative science
• Positive Sentiment: AbbVie saw unusually heavy call option buying, with bullish traders purchasing far more calls than normal, which can reflect speculation that the stock could rebound.
• Neutral Sentiment: Analyst coverage from Zacks discusses whether AbbVie is a buy, but the item is more a review of sentiment than a fresh catalyst. Is AbbVie (ABBV) a Buy as Wall Street Analysts Look Optimistic?
• Neutral Sentiment: AbbVie’s Durham pharmaceutical project is moving forward, which is supportive operationally but not likely a major near-term stock driver. AbbVie pharmaceutical project moves forward in Durham
• Neutral Sentiment: AbbVie also highlighted employee community service activity across Asia, a positive corporate citizenship update with limited direct impact on earnings. AbbVie Employees Across Asia Unite Through Week of Possibilities
• Negative Sentiment: AbbVie extended its losing streak to a seventh straight session, suggesting investor sentiment remains weak despite the positive headlines. AbbVie extends slide to a seventh straight session

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.