AbbVie (NYSE:ABBV) Trading Down 2.5% - Here's What Happened

Shares of AbbVie Inc. (NYSE:ABBV - Get Free Report) fell 2.5% during mid-day trading on Thursday . The stock traded as low as $181.64 and last traded at $183.46. 2,539,828 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 6,081,228 shares. The stock had previously closed at $188.09.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ABBV shares. BMO Capital Markets raised their target price on AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a research report on Monday, February 3rd. Guggenheim boosted their price target on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Wells Fargo & Company boosted their price objective on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $211.41.

AbbVie Trading Down 1.3 %

The business's 50-day moving average price is $195.22 and its 200-day moving average price is $187.27. The firm has a market capitalization of $328.28 billion, a PE ratio of 77.32, a price-to-earnings-growth 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 earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.31 earnings per share. As a group, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company 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. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.53%. AbbVie's payout ratio is currently 279.15%.

Insider Activity at AbbVie

In other AbbVie news, EVP Perry C. Siatis sold 5,778 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares of the company's stock, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. This trade represents a 52.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,471 shares of company stock worth $23,426,451 over the last 90 days. Company insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABBV. Abound Financial LLC acquired a new stake in shares of AbbVie during the first quarter valued at $30,000. Fiduciary Advisors Inc. purchased a new stake in shares of AbbVie in the fourth quarter valued at $29,000. EnRich Financial Partners LLC lifted its position in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after buying an additional 110 shares during the period. Promus Capital LLC purchased a new stake in AbbVie in the 4th quarter valued at about $30,000. Finally, Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the first quarter worth approximately $35,000. Institutional investors and hedge funds 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.

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