AbbVie (NYSE:ABBV) Trading 1.5% Higher - Here's What Happened

Key Points

• AbbVie Inc. (NYSE:ABBV) stock rose by 1.5%, trading at $191.36, with a significant decline in volume at approximately 2.2 million shares, compared to an average of 6.8 million shares.
• Research analysts have issued various ratings for AbbVie, with the average rating being a "Moderate Buy" and a projected price target of $211.29.
• The company recently declared a quarterly dividend of $1.64 per share, with a dividend yield of 3.42%, scheduled for payment on August 15th to stockholders recorded by July 15th.

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s share price rose 1.5% on Tuesday . The stock traded as high as $191.98 and last traded at $191.36. Approximately 2,226,214 shares were traded during trading, a decline of 67% from the average daily volume of 6,824,240 shares. The stock had previously closed at $188.52.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Finally, Raymond James Financial upped their price objective on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $212.81.

AbbVie Trading Up 2.0%

The company's fifty day simple moving average is $188.10 and its two-hundred day simple moving average is $190.04. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $340.46 billion, a price-to-earnings ratio of 82.03, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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 return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the business posted $2.65 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Institutional Investors Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the second quarter valued at $25,000. TD Capital Management LLC grew its position in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. EnRich Financial Partners LLC grew its position in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Abound Financial LLC bought a new position in AbbVie in the first quarter valued at $30,000. Finally, Siemens Fonds Invest GmbH grew its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after purchasing an additional 119,141 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.