AbbVie (NYSE:ABBV) Trading Up 1% - Here's What Happened

Key Points

• AbbVie shares increased by 1% to close at $220.75 with a recent trading volume of approximately 4.14 million shares.
• Analysts have given AbbVie a Moderate Buy rating, with a consensus price target of $223.45, while Bank of America raised its target to $204.00.
• The company announced a quarterly dividend of $1.64 per share, representing a dividend yield of 3.0%, which will be paid on November 14th.

Shares of AbbVie Inc. (NYSE:ABBV - Get Free Report) were up 1% on Friday . The stock traded as high as $221.48 and last traded at $220.75. Approximately 4,143,590 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 6,451,508 shares. The stock had previously closed at $218.54.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ABBV shares. Bank of America increased their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Finally, Cantor Fitzgerald increased their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $223.45.

AbbVie Stock Performance

The company has a market capitalization of $389.97 billion, a PE ratio of 105.12, a PEG ratio of 1.31 and a beta of 0.53. The company has a 50-day moving average price of $205.61 and a two-hundred day moving average price of $195.22. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

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

AbbVie Dividend Announcement

The business also recently disclosed 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 3.0%. AbbVie's payout ratio is currently 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Sivia Capital Partners LLC grew its holdings in shares of AbbVie by 1.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,571 shares of the company's stock worth $848,000 after acquiring an additional 51 shares during the period. FF Advisors LLC grew its holdings in shares of AbbVie by 3.6% during the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock worth $286,000 after acquiring an additional 53 shares during the period. Landaas & Co. WI ADV grew its holdings in shares of AbbVie by 1.1% during the 2nd quarter. Landaas & Co. WI ADV now owns 4,955 shares of the company's stock worth $920,000 after acquiring an additional 53 shares during the period. Bernardo Wealth Planning LLC grew its holdings in shares of AbbVie by 2.9% during the 2nd quarter. Bernardo Wealth Planning LLC now owns 1,909 shares of the company's stock worth $354,000 after acquiring an additional 53 shares during the period. Finally, Private Management Group Inc. grew its holdings in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after acquiring an additional 54 shares during the period. 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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