AbbVie (NYSE:ABBV) Stock Price Down 3.3% - What's Next?

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price traded down 3.3% during trading on Tuesday . The company traded as low as $189.65 and last traded at $189.51. 2,209,399 shares changed hands during trading, a decline of 64% from the average session volume of 6,063,864 shares. The stock had previously closed at $196.07.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ABBV. BMO Capital Markets upped their price target on AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, February 3rd. UBS Group upped their target price on AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Bank of America raised their price target on AbbVie from $200.00 to $223.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Morgan Stanley upped their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Finally, Evercore ISI lifted their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.41.

AbbVie Stock Performance

The business's 50-day simple moving average is $194.23 and its two-hundred day simple moving average is $187.23. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The firm has a market cap of $326.02 billion, a price-to-earnings ratio of 76.79, a P/E/G 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, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter in the prior year, the firm posted $2.31 EPS. AbbVie's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts expect 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 Thursday, May 15th. Shareholders of record on Tuesday, April 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 3.56%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's dividend payout ratio is presently 279.15%.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 18,944 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares of the company's stock, valued at $2,338,401.36. This trade represents a 62.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Perry C. Siatis sold 5,778 shares of the firm's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the sale, the executive vice president now owns 22,381 shares of the company's stock, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,471 shares of company stock valued at $23,426,451. 0.08% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Blue Bell Private Wealth Management LLC lifted its stake in AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock worth $40,000 after purchasing an additional 52 shares in the last quarter. Steel Grove Capital Advisors LLC lifted 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 worth $553,000 after acquiring an additional 52 shares in the last quarter. Peninsula Wealth LLC boosted its holdings 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 acquiring an additional 54 shares during the period. Private Management Group Inc. grew its position in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after acquiring an additional 54 shares in the last quarter. Finally, Physicians Financial Services Inc. increased its stake in AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock worth $2,159,000 after purchasing an additional 55 shares during the period. 70.23% of the stock is currently 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.