AbbVie (NYSE:ABBV) Shares Down 1.3% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) fell 1.3% during mid-day trading on Tuesday . The stock traded as low as $243.19 and last traded at $244.75. 5,228,557 shares were traded during trading, a decline of 27% from the average session volume of 7,169,758 shares. The stock had previously closed at $248.00.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABBV. Piper Sandler reiterated an “overweight” rating and issued a $298.00 price target on shares of AbbVie in a research report on Tuesday, June 23rd. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Royal Bank Of Canada raised their target price on AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday. Evercore set a $235.00 target price on AbbVie in a research report on Friday, May 15th. Finally, Morgan Stanley boosted their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $266.24.

AbbVie Stock Performance

The company has a market cap of $432.42 billion, a P/E ratio of 120.57, a P/E/G ratio of 0.81 and a beta of 0.30. The firm’s fifty day moving average is $226.15 and its two-hundred day moving average is $221.34.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $14.72 billion. During the same period last year, the firm earned $2.46 earnings per share. The business’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Institutional Trading of AbbVie

Hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of AbbVie in the fourth quarter worth about $5,865,055,000. Wellington Management Group LLP grew its holdings in AbbVie by 457.4% during the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after buying an additional 8,646,424 shares in the last quarter. Capital World Investors grew its holdings in AbbVie by 106.3% during the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after buying an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. increased its stake in AbbVie by 914.6% in the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after acquiring an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Hedge funds and other 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.