AbbVie (NYSE:ABBV) Shares Down 1.9% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) shares were down 1.9% during mid-day trading on Monday . The stock traded as low as $221.17 and last traded at $223.0040. Approximately 4,841,176 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 6,845,706 shares. The stock had previously closed at $227.23.

Wall Street Analyst Weigh In

Several analysts have issued reports on ABBV shares. Barclays assumed coverage on AbbVie in a research note on Thursday, February 19th. They issued an “overweight” rating and a $275.00 price target on the stock. Royal Bank Of Canada began coverage on AbbVie in a research report on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target on the stock. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 price target on shares of AbbVie in a research report on Thursday, April 30th. Finally, Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a research report on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie Price Performance

The stock has a 50-day moving average of $210.40 and a 200-day moving average of $219.12. The firm has a market cap of $397.82 billion, a price-to-earnings ratio of 110.92, a P/E/G ratio of 0.68 and a beta of 0.32.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ABBV. Vanguard Group Inc. grew its holdings in AbbVie by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 177,747,261 shares of the company’s stock worth $41,155,601,000 after acquiring an additional 448,554 shares during the period. Public Sector Pension Investment Board lifted its position in AbbVie by 17.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,044,690 shares of the company’s stock valued at $241,888,000 after acquiring an additional 151,644 shares in the last quarter. Thornburg Investment Management Inc. lifted its position in AbbVie by 25.5% in the 3rd quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock valued at $93,024,000 after acquiring an additional 81,625 shares in the last quarter. Channing Capital Management LLC lifted its position in AbbVie by 10.5% in the 3rd quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock valued at $12,885,000 after acquiring an additional 5,302 shares in the last quarter. Finally, Procyon Advisors LLC lifted its position in AbbVie by 19.9% in the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock valued at $7,484,000 after acquiring an additional 5,427 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

About AbbVie

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.