AbbVie (NYSE:ABBV) Shares Down 0.9% - Here's What Happened

Shares of AbbVie Inc. (NYSE:ABBV - Get Free Report) were down 0.9% on Wednesday . The stock traded as low as $211.59 and last traded at $211.99. Approximately 942,393 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 5,200,987 shares. The stock had previously closed at $213.85.

Analyst Ratings Changes

A number of brokerages have recently commented on ABBV. Truist Financial lifted their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Erste Group Bank raised AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Raymond James reiterated an "outperform" rating and set a $220.00 target price (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Daiwa Capital Markets downgraded shares of AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 price objective for the company. in a research note on Thursday, December 5th. Finally, Piper Sandler raised their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $211.45.

AbbVie Stock Down 0.9 %

The stock has a market capitalization of $370.68 billion, a price-to-earnings ratio of 87.49, a PEG ratio of 1.62 and a beta of 0.61. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The firm's fifty day moving average is $194.49 and its 200-day moving average is $188.67.

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AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the business earned $2.79 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.12%. AbbVie's dividend payout ratio (DPR) is 273.33%.

Insider Activity at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the business's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the sale, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the transaction, the senior vice president now owns 11,496 shares of the company's stock, valued at $2,338,401.36. This trade represents a 62.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,639 shares of company stock worth $11,067,025 in the last 90 days. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AbbVie

Several hedge funds have recently modified their holdings of ABBV. Groupama Asset Managment grew its holdings in shares of AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock worth $27,000 after acquiring an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in AbbVie during the third quarter valued at about $28,000. Fiduciary Advisors Inc. acquired a new position in shares of AbbVie in the fourth quarter worth about $29,000. EnRich Financial Partners LLC raised its holdings in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after acquiring an additional 110 shares during the period. Finally, Promus Capital LLC acquired a new position in AbbVie in the 4th quarter worth approximately $30,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.