AbbVie (NYSE:ABBV) Stock Price Up 1.2% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) traded up 1.2% during mid-day trading on Wednesday . The stock traded as high as $193.38 and last traded at $192.32. 1,649,645 shares traded hands during trading, a decline of 73% from the average session volume of 6,220,386 shares. The stock had previously closed at $189.95.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABBV. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a report on Tuesday, December 17th. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target for the company in a report on Friday, November 22nd. Guggenheim increased their price target on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a report on Monday. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, Citigroup increased their price objective on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $208.35.

AbbVie Stock Down 1.2 %

The stock has a market cap of $336.94 billion, a price-to-earnings ratio of 79.45, a PEG ratio of 1.84 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. The firm’s 50-day simple moving average is $177.38 and its two-hundred day simple moving average is $185.48.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same quarter last year, the company earned $2.79 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 12.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AbbVie

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in shares of AbbVie during the 4th quarter valued at $1,190,951,000. International Assets Investment Management LLC increased its position in shares of AbbVie by 1,745.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after purchasing an additional 4,471,806 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares during the last quarter. State Street Corp increased its position in shares of AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its position in shares of AbbVie by 26,693.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,176,754 shares of the company’s stock valued at $209,109,000 after purchasing an additional 1,172,362 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other 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.