AbbVie (NYSE:ABBV) Shares Down 0.3%

AbbVie Inc. (NYSE:ABBV)’s share price dropped 0.3% during trading on Wednesday . The company traded as low as $194.45 and last traded at $196.38. Approximately 563,632 shares traded hands during trading, a decline of 89% from the average daily volume of 5,337,002 shares. The stock had previously closed at $196.96.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABBV. Truist Financial reissued a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. BMO Capital Markets upped their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $191.64.

AbbVie Trading Down 0.2 %

The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business has a 50-day moving average of $192.49 and a 200-day moving average of $176.47. The stock has a market cap of $346.99 billion, a price-to-earnings ratio of 58.27, a PEG ratio of 2.65 and a beta of 0.64.

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

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

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

Institutional Trading of AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Fairway Wealth LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the second quarter valued at about $27,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of AbbVie during the fourth quarter worth about $26,000. IFS Advisors LLC bought a new position in shares of AbbVie during the first quarter worth about $36,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at approximately $37,000. 70.23% of the stock is 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.