AbbVie (NYSE:ABBV) Trading Down 0.1% Following Analyst Downgrade

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price was down 0.1% during trading on Tuesday after Citigroup lowered their price target on the stock from $215.00 to $205.00. Citigroup currently has a buy rating on the stock. AbbVie traded as low as $174.77 and last traded at $176.66. Approximately 1,074,011 shares were traded during trading, a decline of 82% from the average daily volume of 5,814,605 shares. The stock had previously closed at $176.90.

Several other analysts also recently commented on the company. BMO Capital Markets reduced their target price on AbbVie from $228.00 to $208.00 and set an "outperform" rating for the company in a research note on Tuesday, November 12th. Leerink Partners upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 target price on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. dropped their target price on AbbVie from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Wednesday, November 13th. Piper Sandler upped their target price on AbbVie from $212.00 to $220.00 and gave the company an "overweight" rating in a report on Tuesday, December 17th. Finally, Daiwa Capital Markets cut AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 target price on the stock. in a research note on Thursday, December 5th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $205.00.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares of the company's stock, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by insiders.

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently modified their holdings of the stock. Magnolia Capital Advisors LLC boosted its holdings in AbbVie by 89.5% in the second quarter. Magnolia Capital Advisors LLC now owns 9,256 shares of the company's stock worth $1,588,000 after acquiring an additional 4,371 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in AbbVie by 0.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 227,071 shares of the company's stock worth $38,948,000 after purchasing an additional 1,843 shares in the last quarter. Sunbelt Securities Inc. grew its position in AbbVie by 3.5% during the 2nd quarter. Sunbelt Securities Inc. now owns 48,020 shares of the company's stock worth $8,236,000 after purchasing an additional 1,622 shares during the last quarter. William B. Walkup & Associates Inc. acquired a new position in AbbVie during the 2nd quarter valued at approximately $4,336,000. Finally, Invst LLC raised its holdings in shares of AbbVie by 23.0% in the second quarter. Invst LLC now owns 4,133 shares of the company's stock worth $704,000 after buying an additional 774 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Down 1.1 %

The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The business's fifty day moving average price is $176.05 and its two-hundred day moving average price is $184.94. The stock has a market capitalization of $309.04 billion, a PE ratio of 60.72, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period in the prior year, the company earned $2.95 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 10.06 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a boost from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.75%. AbbVie's dividend payout ratio is presently 227.78%.

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.