AbbVie (NYSE:ABBV) Stock Price Down 1.7%

AbbVie Inc. (NYSE:ABBV)’s stock price was down 1.7% during trading on Tuesday . The company traded as low as $166.31 and last traded at $167.54. Approximately 846,894 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 5,634,063 shares. The stock had previously closed at $170.37.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. Barclays lowered their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Tuesday. BMO Capital Markets lowered their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Trading Down 1.3 %

The business’s fifty day moving average is $164.58 and its two-hundred day moving average is $167.82. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The firm has a market cap of $289.32 billion, a price-to-earnings ratio of 48.62, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter last year, the business earned $2.46 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors 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 3.78%. AbbVie’s dividend payout ratio is 183.98%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC raised its holdings in shares of AbbVie by 195.5% during the third quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock worth $729,000 after acquiring an additional 3,235 shares during the period. Kennedy Capital Management LLC acquired a new stake in shares of AbbVie in the 3rd quarter valued at about $215,000. Sei Investments Co. lifted its holdings in shares of AbbVie by 2.8% in the third quarter. Sei Investments Co. now owns 439,996 shares of the company’s stock valued at $65,586,000 after purchasing an additional 12,096 shares in the last quarter. Scotia Capital Inc. boosted its position in shares of AbbVie by 0.5% during the third quarter. Scotia Capital Inc. now owns 148,329 shares of the company’s stock worth $22,110,000 after buying an additional 745 shares during the period. Finally, Royal London Asset Management Ltd. grew its holdings in shares of AbbVie by 7.8% during the third quarter. Royal London Asset Management Ltd. now owns 1,281,403 shares of the company’s stock worth $191,064,000 after buying an additional 92,201 shares in the last quarter. 70.23% of the stock is currently 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.