AbbVie (NYSE:ABBV) Shares Down 1.1% - Here's What Happened

Key Points

• AbbVie shares fell 1.1% during mid-day trading, with a trading volume that was 93% lower than the average session volume.
• The company reported $2.97 earnings per share for the latest quarter, missing analysts' estimates of $3.24, although it achieved a revenue of $15.42 billion against a forecast of $14.93 billion.
• AbbVie recently announced a quarterly dividend of $1.64 per share, representing an annualized payout of $6.56 and a yield of 3.2%.

AbbVie Inc. (NYSE:ABBV - Get Free Report) fell 1.1% during mid-day trading on Monday . The company traded as low as $208.28 and last traded at $208.29. 475,597 shares were traded during mid-day trading, a decline of 93% from the average session volume of 6,628,695 shares. The stock had previously closed at $210.60.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ABBV. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Citigroup lifted their target price on AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Evercore ISI lifted their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Finally, Raymond James Financial lifted their target price on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Stock Down 1.3%

The firm has a market cap of $367.19 billion, a PE ratio of 98.91, a P/E/G ratio of 1.35 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The business has a fifty day moving average price of $192.84 and a two-hundred day moving average price of $192.96.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 EPS. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AbbVie

Several large investors have recently made changes to their positions in ABBV. Brighton Jones LLC lifted its position in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its stake in 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 during the period. Gerber Kawasaki Wealth & Investment Management increased its stake in AbbVie by 2.3% during the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 4,130 shares of the company's stock valued at $734,000 after acquiring an additional 92 shares during the period. Berger Financial Group Inc increased its stake in AbbVie by 6.3% during the fourth quarter. Berger Financial Group Inc now owns 14,914 shares of the company's stock valued at $2,650,000 after acquiring an additional 885 shares during the period. Finally, Criteria Caixa S.A.U. bought a new position in AbbVie during the fourth quarter valued at about $96,488,000. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Company Profile

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.

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