AbbVie (NYSE:ABBV) Stock Price Down 1.5% - Here's What Happened

Key Points

• AbbVie Inc. experienced a 1.5% decline in its stock price, trading between $194.67 and $195.49, significantly lower than its average session volume.
• Analysts have mixed ratings on AbbVie's stock, with a consensus rating of "Moderate Buy" and an average price target of $212.81 following recent price target adjustments from several brokerages.
• The company declared a quarterly dividend of $1.64 per share, with a yield of 3.3%, despite a high dividend payout ratio of 312.38% compared to its earnings.

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price fell 1.5% during trading on Wednesday . The company traded as low as $194.67 and last traded at $195.49. 731,394 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 6,798,239 shares. The stock had previously closed at $198.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABBV. Citigroup increased their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. BNP Paribas raised shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Guggenheim upped their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and an average price target of $212.81.

AbbVie Stock Performance

The company's 50-day moving average price is $188.86 and its 200 day moving average price is $190.65. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The stock has a market capitalization of $346.66 billion, a PE ratio of 93.45, a PEG ratio of 1.26 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 518.10% and a net margin of 6.45%. The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the business posted $2.65 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Steel Grove Capital Advisors LLC increased its stake in AbbVie by 1.7% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after purchasing an additional 52 shares in the last quarter. FF Advisors LLC increased its stake in AbbVie by 3.6% during the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after purchasing an additional 53 shares in the last quarter. Peninsula Wealth LLC increased its stake in AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after purchasing an additional 54 shares in the last quarter. Private Management Group Inc. increased its stake in AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after purchasing an additional 54 shares in the last quarter. Finally, LifeSteps Financial Inc. grew its stake in shares of AbbVie by 0.7% in the second quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company's stock worth $1,366,000 after acquiring an additional 54 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

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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