AbbVie (NYSE:ABBV) Stock Price Down 1% - Here's Why

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price traded down 1% during mid-day trading on Tuesday . The stock traded as low as $184.06 and last traded at $183.91. 1,032,871 shares changed hands during trading, a decline of 83% from the average session volume of 6,223,460 shares. The stock had previously closed at $185.71.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Raymond James restated an "outperform" rating and set a $220.00 target price (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Morgan Stanley upped their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Finally, BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $210.95.

AbbVie Price Performance

The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The business has a 50-day simple moving average of $189.64 and a 200 day simple moving average of $186.68. The firm has a market cap of $319.88 billion, a P/E ratio of 75.41, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.31 earnings per share. On average, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares of the company's stock, valued at approximately $8,985,223.60. This trade represents a 40.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,693 shares of company stock valued at $22,282,985 over the last three months. Corporate insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Crestline Management LP raised its stake in AbbVie by 438.4% during the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after buying an additional 28,753 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after purchasing an additional 108,993 shares in the last quarter. Quantbot Technologies LP boosted its stake in AbbVie by 35.8% in the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock worth $186,000 after purchasing an additional 276 shares in the last quarter. AXA S.A. increased its stake in AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock valued at $172,705,000 after purchasing an additional 125,568 shares in the last quarter. Finally, Keystone Financial Group increased its position in shares of AbbVie by 0.9% during the fourth quarter. Keystone Financial Group now owns 17,952 shares of the company's stock valued at $3,190,000 after acquiring an additional 161 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

About AbbVie

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.