AbbVie (NYSE:ABBV) Shares Down 0.5%

AbbVie Inc. (NYSE:ABBV)’s share price fell 0.5% on Tuesday . The company traded as low as $193.41 and last traded at $194.77. 640,851 shares changed hands during trading, a decline of 88% from the average session volume of 5,357,392 shares. The stock had previously closed at $195.73.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Barclays upped their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Wells Fargo & Company boosted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets increased their price target 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 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 company presently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Trading Down 0.3 %

The firm has a market cap of $340.62 billion, a PE ratio of 57.24, a PEG ratio of 2.66 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business has a 50-day moving average price of $188.41 and a two-hundred day moving average price of $175.58.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the firm posted $2.91 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed 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 3.21%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.

Insider Buying and Selling

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

Hedge Funds Weigh In On AbbVie

A number of large investors have recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie in the fourth quarter valued at $26,000. Fairway Wealth LLC acquired a new stake in AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter valued at approximately $27,000. Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC acquired a new position in AbbVie during the first quarter valued at approximately $36,000. Hedge funds and other institutional investors 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.