AbbVie (NYSE:ABBV) Stock Price Down 2.3% – What’s Next?

AbbVie Inc. (NYSE:ABBV)’s share price was down 2.3% on Monday . The stock traded as low as $211.51 and last traded at $212.6260. Approximately 4,818,406 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 6,891,930 shares. The stock had previously closed at $217.72.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABBV. Cantor Fitzgerald restated an “overweight” rating and set a $240.00 target price on shares of AbbVie in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research report on Thursday, February 5th. Canaccord Genuity Group increased their target price on shares of AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price on the stock in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Stock Performance

The firm has a market cap of $375.67 billion, a P/E ratio of 104.74, a P/E/G ratio of 0.75 and a beta of 0.32. The company’s 50 day moving average is $208.43 and its 200 day moving average is $219.67.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.46 EPS. On average, equities research analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current year.

Insider Activity at AbbVie

In other news, SVP David Ryan Purdue sold 5,230 shares of AbbVie stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the transaction, the senior vice president owned 2,654 shares in the company, valued at approximately $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On AbbVie

A number of hedge funds have recently modified their holdings of the business. Foguth Wealth Management LLC. bought a new position in AbbVie during the first quarter worth $368,000. Financial Solutions Advisory Group Inc. bought a new position in AbbVie during the first quarter worth $2,123,000. Dala Group LLC bought a new position in AbbVie during the first quarter worth $297,000. Blue Fin Capital Inc. raised its stake in AbbVie by 0.9% during the first quarter. Blue Fin Capital Inc. now owns 16,445 shares of the company’s stock worth $3,577,000 after buying an additional 147 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC raised its stake in AbbVie by 7.5% during the first quarter. Alpine Woods Capital Investors LLC now owns 31,234 shares of the company’s stock worth $6,793,000 after buying an additional 2,190 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.