AbbVie (NYSE:ABBV) Trading Up 1.3% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV)’s share price was up 1.3% during trading on Friday . The company traded as high as $190.28 and last traded at $189.91. Approximately 617,642 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 6,215,809 shares. The stock had previously closed at $187.47.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Morgan Stanley boosted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Finally, BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $212.19.

AbbVie Stock Performance

The company has a market cap of $335.42 billion, a P/E ratio of 79.12, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50. The company’s fifty day moving average is $184.24 and its 200 day moving average is $187.09. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same period in the prior year, the business posted $2.31 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. As a group, equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 business. Norges Bank purchased a new stake in AbbVie in the fourth quarter worth $4,459,385,000. GAMMA Investing LLC lifted its position in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Nuveen LLC bought a new stake in shares of AbbVie during the 1st quarter valued at about $1,819,154,000. Raymond James Financial Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at about $1,190,951,000. Finally, FMR LLC raised its stake in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after buying an additional 4,466,971 shares in the last quarter. Hedge funds and other 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.