AbbVie (NYSE:ABBV) Stock Price Up 1.4% - What's Next?

Key Points

• AbbVie's stock price increased by 1.4% during mid-day trading, reaching a high of $234.08, but experienced a trading volume decline of 25% compared to its average.
• Multiple analysts have upgraded AbbVie's stock ratings, with target prices increasing significantly; Wells Fargo raised its target to $260.00 while Morgan Stanley adjusted theirs to $255.00.
• AbbVie announced a quarterly dividend of $1.64, with an ex-dividend date of October 15th, resulting in an annualized dividend yield of 2.8% despite a high dividend payout ratio of 312.38%.

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price rose 1.4% during mid-day trading on Tuesday . The company traded as high as $234.08 and last traded at $233.42. Approximately 4,875,806 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 6,518,042 shares. The stock had previously closed at $230.19.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their target price on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Piper Sandler started coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Morgan Stanley increased their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus target price of $229.14.

AbbVie Price Performance

The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The business has a 50 day simple moving average of $211.61 and a 200-day simple moving average of $195.93. The firm has a market cap of $412.35 billion, a price-to-earnings ratio of 111.15, a P/E/G ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 earnings per share. Equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

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

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the second quarter valued at about $25,000. Evolution Wealth Management Inc. purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $26,000. TD Capital Management LLC raised its holdings in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the period. Spurstone Advisory Services LLC purchased a new position in AbbVie in the second quarter valued at approximately $28,000. Finally, Abound Financial LLC purchased a new position in AbbVie in the first quarter valued at approximately $30,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.