AbbVie (NYSE:ABBV) Shares Down 1.1% – What’s Next?

AbbVie Inc. (NYSE:ABBV)’s stock price fell 1.1% during trading on Thursday . The company traded as low as $247.99 and last traded at $249.9820. 5,005,204 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 7,205,153 shares. The stock had previously closed at $252.74.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. boosted their price objective on AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Finally, Wells Fargo & Company set a $260.00 price objective on AbbVie in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $258.19.

AbbVie Trading Down 1.1%

The company has a market capitalization of $441.67 billion, a PE ratio of 123.14, a price-to-earnings-growth ratio of 0.84 and a beta of 0.30. The stock’s 50-day moving average is $223.50 and its two-hundred day moving average is $220.90.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the previous year, the business earned $2.46 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities research analysts forecast that AbbVie Inc. will post 14.19 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 340.89%.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently bought and sold shares of the business. Brighton Jones LLC grew its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. boosted its holdings in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after purchasing an additional 789 shares during the period. Ieq Capital LLC boosted its holdings in shares of AbbVie by 4.6% in the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after purchasing an additional 5,274 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its stake in AbbVie by 117.3% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after purchasing an additional 612,702 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Company Profile

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.