AbbVie (NYSE:ABBV) Stock Price Down 2.1% – What’s Next?

AbbVie Inc. (NYSE:ABBV)’s share price dropped 2.1% during trading on Thursday . The stock traded as low as $215.37 and last traded at $216.63. Approximately 9,562,205 shares traded hands during trading, an increase of 42% from the average daily volume of 6,747,656 shares. The stock had previously closed at $221.23.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a report on Thursday, April 30th. William Blair reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Stock Down 2.1%

The business’s 50 day moving average is $211.87 and its 200-day moving average is $218.85. The firm has a market cap of $382.74 billion, a P/E ratio of 106.71, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.46 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 14.3 earnings per share for the current year.

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently bought and sold shares of the company. Chelsea Counsel Co. bought a new position in AbbVie during the third quarter worth $26,000. Litman Gregory Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $28,000. Westend Capital Management LLC bought a new position in shares of AbbVie in the 4th quarter worth about $29,000. Imprint Wealth LLC lifted its position in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Finally, Texas Capital Bancshares Inc TX acquired a new position in shares of AbbVie in the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.