AbbVie (NYSE:ABBV) Trading Down 2.1% - Here's What Happened

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s share price was down 2.1% during mid-day trading on Tuesday . The stock traded as low as $204.53 and last traded at $204.88. Approximately 1,360,577 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 5,250,727 shares. The stock had previously closed at $209.17.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Wells Fargo & Company upped their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Daiwa Capital Markets downgraded AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 price objective for the company. in a report on Thursday, December 5th. Raymond James reiterated an "outperform" rating and issued a $220.00 price target (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Piper Sandler lifted their target price on shares of AbbVie from $212.00 to $220.00 and gave the company an "overweight" rating in a report on Tuesday, December 17th. Finally, Truist Financial increased their price target on shares of AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $211.45.

AbbVie Trading Up 1.4 %

The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The business's 50-day moving average is $196.83 and its two-hundred day moving average is $188.96. The firm has a market cap of $363.80 billion, a P/E ratio of 85.64, a P/E/G ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts' consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period last year, the firm earned $2.79 EPS. As a group, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's dividend payout ratio (DPR) is 273.33%.

Insider Buying and Selling

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

Institutional Trading of AbbVie

A number of hedge funds and other institutional investors have recently made changes to their positions in ABBV. Groupama Asset Managment lifted its position in AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock worth $27,000 after purchasing an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie in the 3rd quarter worth $28,000. Fiduciary Advisors Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at $29,000. EnRich Financial Partners LLC lifted its holdings in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares during the period. Finally, Promus Capital LLC bought a new position in AbbVie during the fourth quarter valued at about $30,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Company Profile

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.