AbbVie Inc. (NYSE:ABBV - Get Free Report) dropped 1.1% during mid-day trading on Thursday . The company traded as low as $247.99 and last traded at $249.9820. Approximately 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 Upgrades and Downgrades
ABBV has been the subject of several recent analyst reports. Canaccord Genuity Group upped their target price on shares of AbbVie from $265.00 to $273.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Guggenheim raised their price target on AbbVie from $249.00 to $261.00 and gave the company a "buy" rating in a report on Thursday. Piper Sandler restated an "overweight" rating and issued a $298.00 price objective on shares of AbbVie in a research report on Tuesday, June 23rd. Wall Street Zen lowered AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Finally, JPMorgan Chase & Co. increased their target price on AbbVie from $260.00 to $280.00 and gave the stock an "overweight" rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $258.19.
Check Out Our Latest Stock Analysis on ABBV
AbbVie Stock Down 1.1%
The firm's fifty day moving average price is $223.50 and its 200 day moving average price is $220.90. The stock has a market cap of $441.67 billion, a PE ratio of 123.14, a P/E/G ratio of 0.84 and a beta of 0.30.
AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie's quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the company posted $2.46 earnings per share. As a group, analysts anticipate that AbbVie Inc. will post 14.19 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, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie's dividend payout ratio is 340.89%.
Institutional Investors Weigh In On AbbVie
Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of AbbVie during the 4th quarter worth approximately $5,865,055,000. Wellington Management Group LLP grew its holdings in shares of AbbVie by 457.4% in the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock valued at $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Capital World Investors grew its holdings in shares of AbbVie by 106.3% in the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company's stock valued at $2,986,777,000 after purchasing an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. increased its position in AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company's stock worth $1,244,112,000 after purchasing an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company's stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Company Profile
(
Get Free Report)
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.
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