AbbVie (NYSE:ABBV) Trading Down 1.3%

AbbVie Inc. (NYSE:ABBV) shares traded down 1.3% on Thursday . The stock traded as low as $163.52 and last traded at $163.84. 3,527,612 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 5,996,385 shares. The stock had previously closed at $165.96.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABBV. Barclays dropped their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Guggenheim upped their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Stock Down 1.3 %

The firm has a fifty day moving average price of $164.50 and a 200 day moving average price of $167.80. The firm has a market capitalization of $289.32 billion, a price-to-earnings ratio of 48.62, a P/E/G ratio of 2.12 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.46 earnings per share. Sell-side analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.78%. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Hilltop Wealth Advisors LLC raised its stake in shares of AbbVie by 5.9% during the second quarter. Hilltop Wealth Advisors LLC now owns 1,275 shares of the company’s stock worth $219,000 after buying an additional 71 shares during the last quarter. Modus Advisors LLC raised its position in shares of AbbVie by 2.8% during the 2nd quarter. Modus Advisors LLC now owns 23,819 shares of the company’s stock valued at $4,085,000 after acquiring an additional 660 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of AbbVie by 0.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 193,945 shares of the company’s stock valued at $33,265,000 after purchasing an additional 1,566 shares during the period. First Hawaiian Bank boosted its position in shares of AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of AbbVie by 44.6% during the second quarter. GAMMA Investing LLC now owns 28,000 shares of the company’s stock worth $4,802,000 after purchasing an additional 8,640 shares during the period. Institutional investors own 70.23% of the company’s stock.

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.