AbbVie (NYSE:ABBV) Trading Up 1.2% - Here's Why

Key Points

• AbbVie Inc. (NYSE: ABBV) saw its stock price rise 1.2%, closing at $229.66 after reaching a high of $230.71 during trading.
• Recent analyst ratings for AbbVie include a downgrade from HSBC to a "hold" and an upgrade from Daiwa to a "strong-buy," with a consensus target price of $234.05.
• The company announced a quarterly dividend of $1.64, representing a 2.9% yield, to be paid on November 14th to record holders.

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price was up 1.2% during trading on Friday . The company traded as high as $230.71 and last traded at $229.66. Approximately 6,520,089 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 6,476,399 shares. The stock had previously closed at $226.87.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ABBV shares. Hsbc Global Res downgraded AbbVie from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Citigroup reiterated a "neutral" rating on shares of AbbVie in a report on Monday. UBS Group set a $251.00 price target on AbbVie in a report on Friday, October 3rd. Finally, JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $234.05.

AbbVie Price Performance

The stock has a fifty day moving average of $217.28 and a 200-day moving average of $197.43. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $405.71 billion, a P/E ratio of 109.36, a PEG ratio of 1.41 and a beta of 0.51.

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

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Transactions at AbbVie

In related news, 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors have recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie during the 2nd quarter worth about $25,000. Evolution Wealth Management Inc. acquired a new position in shares of AbbVie during the 2nd quarter worth about $26,000. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares during the period. Spurstone Advisory Services LLC acquired a new position in shares of AbbVie during the 2nd quarter worth about $28,000. Finally, Abound Financial LLC acquired a new position in shares of AbbVie during the 1st quarter worth about $30,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.