AbbVie (NYSE:ABBV) Shares Down 1.4%

AbbVie Inc. (NYSE:ABBV) dropped 1.4% during mid-day trading on Wednesday . The company traded as low as $159.87 and last traded at $160.24. Approximately 924,089 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 5,604,779 shares. The stock had previously closed at $162.55.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ABBV. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Raymond James raised their price objective on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Truist Financial increased their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $174.31.

AbbVie Trading Down 1.3 %

The firm has a market cap of $284.10 billion, a PE ratio of 47.55, a PEG ratio of 2.07 and a beta of 0.61. The business has a 50-day moving average price of $172.48 and a two-hundred day moving average price of $161.62. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The company’s revenue was up .7% on a year-over-year basis. During the same period last year, the company posted $2.46 EPS. Analysts forecast that AbbVie Inc. will post 11.29 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.86%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the sale, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,233,546.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 over the last 90 days. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie in the 4th quarter valued at about $26,000. Able Wealth Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth approximately $33,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC bought a new stake in AbbVie during the 1st quarter valued at $37,000. 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.