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

Key Points

• AbbVie Inc. shares fell 1.1% on Friday, closing at $234.07 after peaking at $236.56, with over 6.5 million shares traded during the day.
• Analyst ratings for AbbVie have been positive, with several firms raising their target prices, including Wells Fargo increasing it from $240.00 to $260.00.
• AbbVie will pay a quarterly dividend of $1.64 on November 14th, with a dividend yield of 2.8% and a payout ratio currently at 312.38%.

AbbVie Inc. (NYSE:ABBV - Get Free Report) dropped 1.1% on Friday . The stock traded as low as $233.71 and last traded at $234.07. Approximately 6,538,863 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 6,498,326 shares. The stock had previously closed at $236.56.

Analyst Ratings Changes

ABBV has been the subject of several analyst reports. Wells Fargo & Company upped their target price on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and increased their price target for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a report on Saturday, September 27th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $228.22.

AbbVie Stock Down 1.1%

The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The business has a 50-day simple moving average of $210.77 and a two-hundred day simple moving average of $196.01. The company has a market cap of $413.49 billion, a price-to-earnings ratio of 111.46, a PEG ratio of 1.38 and a beta of 0.51.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of AbbVie by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 177,298,707 shares of the company's stock valued at $32,910,186,000 after acquiring an additional 3,380,842 shares during the last quarter. Geode Capital Management LLC increased its position in shares of AbbVie by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 39,178,351 shares of the company's stock valued at $7,240,169,000 after buying an additional 924,761 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of AbbVie by 6.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 26,783,329 shares of the company's stock valued at $4,970,848,000 after buying an additional 1,517,222 shares in the last quarter. Norges Bank bought a new stake in shares of AbbVie in the 2nd quarter valued at $4,288,200,000. Finally, Northern Trust Corp increased its position in shares of AbbVie by 0.9% in the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock valued at $4,612,357,000 after buying an additional 189,294 shares in the last quarter. Institutional investors 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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