AbbVie (NYSE:ABBV) Shares Down 0.2% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV)’s share price was down 0.2% during trading on Friday . The stock traded as low as $169.25 and last traded at $170.41. Approximately 990,980 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 5,735,005 shares. The stock had previously closed at $170.67.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Guggenheim raised their target price on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley cut their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Wolfe Research began coverage on shares of AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 target price for the company. Truist Financial dropped their price target on shares of AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Finally, Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $205.50.

AbbVie Price Performance

The firm has a 50 day moving average price of $175.84 and a two-hundred day moving average price of $184.66. The company has a market cap of $300.51 billion, a P/E ratio of 59.05, a P/E/G ratio of 1.68 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the company earned $2.95 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 10.06 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.86%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 227.78%.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On AbbVie

Several hedge funds and other institutional investors have recently modified their holdings of ABBV. Tempus Wealth Planning LLC boosted its position in shares of AbbVie by 2.3% in the fourth quarter. Tempus Wealth Planning LLC now owns 3,086 shares of the company’s stock valued at $548,000 after acquiring an additional 68 shares during the period. Flavin Financial Services Inc. bought a new position in AbbVie in the 4th quarter valued at $348,000. First Dallas Securities Inc. grew its position in shares of AbbVie by 3.7% during the 4th quarter. First Dallas Securities Inc. now owns 18,269 shares of the company’s stock valued at $3,246,000 after purchasing an additional 644 shares in the last quarter. Calamos Wealth Management LLC increased its holdings in shares of AbbVie by 2.3% in the fourth quarter. Calamos Wealth Management LLC now owns 9,060 shares of the company’s stock worth $1,610,000 after purchasing an additional 208 shares during the period. Finally, Patron Partners LLC raised its position in shares of AbbVie by 9.4% in the fourth quarter. Patron Partners LLC now owns 7,208 shares of the company’s stock worth $1,281,000 after buying an additional 618 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

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.