AbbVie (NYSE:ABBV) Stock Price Down 0.1% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV)’s share price fell 0.1% on Wednesday . The company traded as low as $173.85 and last traded at $175.46. 703,758 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 5,498,195 shares. The stock had previously closed at $175.67.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research reports. Daiwa America downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Wolfe Research started coverage on shares of AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target for the company. UBS Group raised their price target on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Bank of America reaffirmed a “neutral” rating and set a $191.00 price target on shares of AbbVie in a research report on Tuesday. Finally, BMO Capital Markets dropped their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $203.65.

AbbVie Trading Up 0.1 %

The stock has a market capitalization of $306.37 billion, a PE ratio of 60.17, a P/E/G ratio of 1.92 and a beta of 0.58. The firm has a 50 day moving average price of $185.03 and a 200 day moving average price of $182.68. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the firm posted $2.95 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.78%. AbbVie’s payout ratio is currently 215.28%.

Institutional Trading of AbbVie

Hedge funds have recently made changes to their positions in the company. RPg Family Wealth Advisory LLC purchased a new stake in AbbVie during the 3rd quarter worth about $28,000. Fairway Wealth LLC purchased a new position in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie in the 3rd quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. grew its position in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. 70.23% of the stock is currently owned by 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.