AbbVie (NYSE:ABBV) Trading Down 0.7% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) shares fell 0.7% on Tuesday . The stock traded as low as $163.81 and last traded at $165.14. 994,935 shares traded hands during trading, a decline of 82% from the average session volume of 5,462,635 shares. The stock had previously closed at $166.28.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ABBV shares. Barclays raised their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. decreased their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Morgan Stanley decreased their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Finally, Bank of America upped their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $203.37.

AbbVie Price Performance

The stock has a market capitalization of $294.41 billion, a price-to-earnings ratio of 57.34, a P/E/G ratio of 2.01 and a beta of 0.63. The company has a fifty day simple moving average of $191.44 and a 200 day simple moving average of $181.08. 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 announced its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 EPS. Equities research analysts forecast that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.94%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Second Line Capital LLC bought a new position in AbbVie in the third quarter worth approximately $379,000. TCW Group Inc. boosted its holdings in AbbVie by 0.5% in the third quarter. TCW Group Inc. now owns 403,638 shares of the company’s stock worth $79,710,000 after acquiring an additional 2,199 shares in the last quarter. Hohimer Wealth Management LLC boosted its holdings in AbbVie by 12.6% in the third quarter. Hohimer Wealth Management LLC now owns 1,432 shares of the company’s stock worth $283,000 after acquiring an additional 160 shares in the last quarter. Fortem Financial Group LLC boosted its holdings in AbbVie by 19.1% in the third quarter. Fortem Financial Group LLC now owns 8,509 shares of the company’s stock worth $1,680,000 after acquiring an additional 1,362 shares in the last quarter. Finally, Arete Wealth Advisors LLC bought a new position in AbbVie in the third quarter worth approximately $4,888,000. Institutional investors own 70.23% of the company’s stock.

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.