AbbVie (NYSE:ABBV) Trading Up 1.2% - What's Next?

Key Points

• AbbVie Inc. shares increased by 1.2% to close at $201.12, although trading volume was significantly lower at 717,083 shares, down 89% from the average.
• Analysts have mixed views on AbbVie, with Evercore ISI and Citigroup raising their price targets to $205.00, while Wall Street Zen downgraded the stock from "strong-buy" to "buy."
• The company reported a net margin of 6.45% in its latest earnings and plans to pay a $1.64 per share dividend on August 15th, showing a payout ratio of 312.38%.

Shares of AbbVie Inc. (NYSE:ABBV - Get Free Report) were up 1.2% on Wednesday . The stock traded as high as $201.52 and last traded at $201.12. Approximately 717,083 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 6,719,163 shares. The stock had previously closed at $198.64.

Analysts Set New Price Targets

Several brokerages have issued reports on ABBV. Evercore ISI increased their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $214.95.

AbbVie Stock Performance

The stock has a market cap of $355.71 billion, a price-to-earnings ratio of 95.89, a P/E/G ratio of 1.28 and a beta of 0.50. The firm's 50-day moving average is $190.11 and its two-hundred day moving average is $191.60. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter last year, the business earned $2.65 EPS. The business's revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. AbbVie's payout ratio is 312.38%.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on 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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On AbbVie

A number of hedge funds have recently modified their holdings of ABBV. Steel Grove Capital Advisors LLC boosted its position in shares of AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock valued at $553,000 after purchasing an additional 52 shares during the period. FF Advisors LLC boosted its holdings in shares of AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock worth $286,000 after buying an additional 53 shares during the period. Landaas & Co. WI ADV raised its holdings in shares of AbbVie by 1.1% during the second quarter. Landaas & Co. WI ADV now owns 4,955 shares of the company's stock valued at $920,000 after acquiring an additional 53 shares during the period. Bernardo Wealth Planning LLC raised its holdings in shares of AbbVie by 2.9% during the second quarter. Bernardo Wealth Planning LLC now owns 1,909 shares of the company's stock valued at $354,000 after acquiring an additional 53 shares during the period. Finally, Private Management Group Inc. lifted its position in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after acquiring an additional 54 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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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