AbbVie (NYSE:ABBV) Trading Down 0.5%

Shares of AbbVie Inc. (NYSE:ABBVGet Free Report) dropped 0.5% during mid-day trading on Tuesday . The company traded as low as $171.57 and last traded at $171.79. Approximately 865,815 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 5,483,104 shares. The stock had previously closed at $172.74.

Analysts Set New Price Targets

A number of analysts recently commented on the company. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Barclays reduced their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. BMO Capital Markets dropped their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Piper Sandler upped their target price on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

Check Out Our Latest Analysis on ABBV

AbbVie Stock Down 0.7 %

The company has a 50-day moving average price of $164.11 and a 200 day moving average price of $167.11. The firm has a market capitalization of $302.79 billion, a PE ratio of 50.98, a P/E/G ratio of 2.18 and a beta of 0.60. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBVGet Free Report) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $2.46 EPS. Analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

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. Norges Bank purchased a new stake in AbbVie during the fourth quarter valued at $3,229,888,000. Vanguard Group Inc. raised its position in shares of AbbVie by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after buying an additional 9,978,415 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of AbbVie in the 4th quarter valued at about $499,955,000. Capital World Investors grew its position in AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after acquiring an additional 3,120,310 shares in the last quarter. Finally, Capital International Investors grew its position in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

About AbbVie

(Get Free Report)

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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