AbbVie (NYSE:ABBV) Stock Price Up 1.8% Following Earnings Beat

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s share price traded up 1.8% during trading on Monday following a better than expected earnings announcement. The company traded as high as $191.32 and last traded at $189.41. 2,998,309 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 6,034,044 shares. The stock had previously closed at $186.06.

The company reported $2.46 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter in the previous year, the business posted $2.31 EPS. The company's quarterly revenue was up 8.4% on a year-over-year basis.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.36%. AbbVie's payout ratio is currently 279.15%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. The Goldman Sachs Group restated a "neutral" rating and set a $194.00 price objective on shares of AbbVie in a research note on Tuesday, April 8th. StockNews.com upgraded AbbVie from a "buy" rating to a "strong-buy" rating in a research note on Monday. Truist Financial boosted their price target on AbbVie from $211.00 to $217.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Morgan Stanley boosted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Citigroup raised their price target on AbbVie from $205.00 to $215.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $211.41.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company'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 transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction 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 $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,471 shares of company stock valued at $23,426,451. 0.25% of the stock is currently owned by insiders.

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. Fiduciary Advisors Inc. purchased a new stake in AbbVie in the fourth quarter valued at approximately $29,000. EnRich Financial Partners LLC lifted its stake in AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC purchased a new stake in shares of AbbVie in the 4th quarter valued at $30,000. Abound Financial LLC acquired a new stake in shares of AbbVie in the first quarter worth $30,000. Finally, Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Up 0.8 %

The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The company has a market capitalization of $345.22 billion, a price-to-earnings ratio of 81.31, a P/E/G ratio of 1.62 and a beta of 0.55. The business's 50-day moving average is $196.46 and its 200-day moving average is $187.22.

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.