AbbVie (NYSE:ABBV) Stock Price Up 0.2%

Shares of AbbVie Inc. (NYSE:ABBV) shot up 0.2% during mid-day trading on Friday . The stock traded as high as $170.69 and last traded at $169.37. 804,916 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 5,485,418 shares. The stock had previously closed at $168.99.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ABBV. Piper Sandler increased their price objective on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 18th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Barclays cut their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. BMO Capital Markets lowered their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Stock Performance

The company has a fifty day moving average of $164.60 and a two-hundred day moving average of $167.54. The firm has a market capitalization of $302.88 billion, a price-to-earnings ratio of 50.90, a PEG ratio of 2.16 and a beta of 0.60. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The company’s revenue was up .7% on a year-over-year basis. As a group, equities research analysts predict that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.61%. AbbVie’s payout ratio is 183.98%.

Institutional Investors Weigh In On AbbVie

A number of large investors have recently added to or reduced their stakes in ABBV. Bright Futures Wealth Management LLC. bought a new stake in shares of AbbVie during the 1st quarter valued at $617,000. TruNorth Capital Management LLC bought a new stake in AbbVie during the first quarter worth about $252,000. Keynote Financial Services LLC acquired a new stake in AbbVie during the first quarter worth about $7,426,000. IMS Capital Management increased its holdings in AbbVie by 0.4% in the 1st quarter. IMS Capital Management now owns 17,713 shares of the company’s stock valued at $3,226,000 after buying an additional 73 shares during the period. Finally, Jackson Wealth Management LLC acquired a new position in shares of AbbVie in the 1st quarter valued at approximately $209,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

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.