AbbVie (NYSE:ABBV) Trading Down 1.3% – Here’s What Happened

Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.3% on Tuesday . The company traded as low as $211.91 and last traded at $212.79. 4,670,212 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 6,945,308 shares. The stock had previously closed at $215.70.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley increased their target price on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Piper Sandler raised their price target on AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. The Goldman Sachs Group restated a “neutral” rating and set a $223.00 price target on shares of AbbVie in a research note on Wednesday, January 28th. Royal Bank Of Canada started coverage on AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target on the stock. Finally, Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 17th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Price Performance

The business has a fifty day simple moving average of $208.53 and a two-hundred day simple moving average of $219.73. The company has a market cap of $375.96 billion, a PE ratio of 104.82, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32.

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

Insider Activity

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the transaction, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Perry C. Siatis sold 22,381 shares of AbbVie stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $230.00, for a total value of $5,147,630.00. Following the completion of the transaction, the executive vice president owned 38,137 shares in the company, valued at $8,771,510. This trade represents a 36.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after acquiring an additional 3,032,438 shares during the last quarter. State Street Corp grew its stake in shares of AbbVie by 1.4% during the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after acquiring an additional 1,119,274 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Bank of America Corp DE grew its stake in shares of AbbVie by 1.4% during the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after acquiring an additional 356,394 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter worth about $5,865,055,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

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.