AbbVie (NYSE:ABBV) Stock Price Up 0.5%

AbbVie Inc. (NYSE:ABBV) shot up 0.5% during mid-day trading on Tuesday . The stock traded as high as $194.85 and last traded at $194.82. 540,862 shares were traded during mid-day trading, a decline of 90% from the average session volume of 5,350,809 shares. The stock had previously closed at $193.83.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ABBV. Truist Financial reissued a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Barclays increased their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Finally, BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Down 0.1 %

The firm has a market cap of $341.85 billion, a PE ratio of 57.81, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company has a 50-day simple moving average of $189.87 and a 200-day simple moving average of $175.86. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.91 earnings per share. Analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the fourth quarter worth $26,000. Fairway Wealth LLC bought a new stake in AbbVie during the second quarter valued at about $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the second quarter valued at about $27,000. Able Wealth Management LLC bought a new stake in AbbVie in the 4th quarter valued at $33,000. Finally, IFS Advisors LLC bought a new position in AbbVie in the 1st quarter valued at $36,000. Institutional investors and hedge funds 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.