AbbVie (NYSE:ABBV) Shares Up 0.7% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV)’s stock price was up 0.7% on Tuesday . The stock traded as high as $183.46 and last traded at $183.00. Approximately 883,442 shares traded hands during trading, a decline of 84% from the average daily volume of 5,516,177 shares. The stock had previously closed at $181.77.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Truist Financial lifted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Wolfe Research started coverage on shares of AbbVie in a report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Barclays raised their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie Price Performance

The firm has a market capitalization of $321.76 billion, a PE ratio of 63.54, a P/E/G ratio of 2.09 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 stock has a fifty day moving average price of $187.99 and a 200-day moving average price of $182.14.

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

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.60%. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is currently 215.28%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in shares of AbbVie by 1,745.0% in 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 acquiring an additional 4,471,806 shares during the period. State Street Corp raised its stake in shares of AbbVie by 1.6% in the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock worth $15,614,329,000 after purchasing an additional 1,267,685 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of AbbVie by 314.1% during the second quarter. Assenagon Asset Management S.A. now owns 1,315,000 shares of the company’s stock worth $225,549,000 after purchasing an additional 997,441 shares during the period. Dimensional Fund Advisors LP boosted its position in AbbVie by 7.6% in the second quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock valued at $1,516,358,000 after buying an additional 623,569 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in AbbVie by 6.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after buying an additional 582,953 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

About AbbVie

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.