AbbVie (NYSE:ABBV) Trading Down 0.8% - Here's Why

AbbVie Inc. (NYSE:ABBV - Get Free Report) shares were down 0.8% on Thursday . The stock traded as low as $180.62 and last traded at $180.38. Approximately 831,712 shares were traded during trading, a decline of 89% from the average daily volume of 7,273,582 shares. The stock had previously closed at $181.80.

Analyst Ratings Changes

Several research firms have issued reports on ABBV. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday. Erste Group Bank raised AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price on the stock. Evercore ISI boosted their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Finally, Truist Financial boosted their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $210.95.

AbbVie Price Performance

The firm 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 capitalization of $322.96 billion, a PE ratio of 76.10, a PEG ratio of 1.62 and a beta of 0.56. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period in the previous year, the business earned $2.31 earnings per share. The business's revenue was up 8.4% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

Insider Transactions at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the firm's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the sale, the executive vice president now owns 44,284 shares of the company's stock, valued at $8,985,223.60. This trade represents a 40.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm'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 transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 107,693 shares of company stock worth $22,282,985 in the last three months. Insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On AbbVie

Several institutional investors have recently made changes to their positions in ABBV. Norges Bank bought a new position in shares of AbbVie in the 4th quarter worth $4,459,385,000. GAMMA Investing LLC boosted its holdings in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after buying an additional 10,195,284 shares in the last quarter. Nuveen LLC purchased a new position in shares of AbbVie in the 1st quarter worth approximately $1,819,154,000. Raymond James Financial Inc. purchased a new position in shares of AbbVie in the 4th quarter worth approximately $1,190,951,000. Finally, FMR LLC lifted its position in AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after acquiring an additional 4,466,971 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

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.

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