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

AbbVie Inc. (NYSE:ABBV) dropped 0.2% on Friday . The stock traded as low as $188.75 and last traded at $189.35. Approximately 706,570 shares were traded during trading, a decline of 87% from the average daily volume of 5,271,919 shares. The stock had previously closed at $189.65.

Wall Street Analyst Weigh In

ABBV has been the topic of several research reports. Truist Financial upped their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Bank of America boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Sanford C. Bernstein started coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $198.47.

AbbVie Stock Down 0.6 %

The stock’s 50-day moving average price is $194.22 and its two-hundred day moving average price is $178.08. The stock has a market capitalization of $332.80 billion, a P/E ratio of 56.19, a P/E/G ratio of 2.66 and a beta of 0.63. 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 released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.91 EPS. As a group, research analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.

Insiders Place Their Bets

In other AbbVie 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 sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter valued at $27,000. Marquette Asset Management LLC bought a new position in shares of AbbVie during the 3rd quarter valued at $39,000. Redmont Wealth Advisors LLC bought a new position in shares of AbbVie during the 1st quarter valued at $37,000. Finally, Quest Partners LLC grew its holdings in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Hedge funds and other institutional investors 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.