AbbVie (NYSE:ABBV) Trading Down 0.5% on Analyst Downgrade

AbbVie Inc. (NYSE:ABBV)’s share price dropped 0.5% on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $210.00 to $200.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. AbbVie traded as low as $168.66 and last traded at $169.55. Approximately 1,429,943 shares were traded during trading, a decline of 74% from the average daily volume of 5,411,837 shares. The stock had previously closed at $170.35.

A number of other brokerages also recently weighed in on ABBV. UBS Group increased their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Citigroup decreased their price target on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research report on Tuesday. BMO Capital Markets decreased their price target on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $203.83.

Hedge Funds Weigh In On AbbVie

Several institutional investors have recently bought and sold shares of ABBV. Saturna Capital Corp lifted its position in AbbVie by 486.1% during the third quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after purchasing an additional 560,808 shares during the last quarter. First Hawaiian Bank lifted its position in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares during the last quarter. PGGM Investments lifted its position in AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after purchasing an additional 24,756 shares during the last quarter. Schrum Private Wealth Management LLC lifted its position in AbbVie by 57.5% during the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company’s stock valued at $3,282,000 after purchasing an additional 6,065 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in AbbVie by 8.3% during the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company’s stock valued at $15,377,000 after purchasing an additional 5,993 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.4 %

The company’s 50-day simple moving average is $193.08 and its 200 day simple moving average is $180.84. The firm has a market cap of $299.76 billion, a P/E ratio of 58.90, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $2.95 EPS. Research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 215.28%.

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.