AbbVie (NYSE:ABBV) Trading Down 2.6%

Shares of AbbVie Inc. (NYSE:ABBV - Get Free Report) were down 2.6% during trading on Wednesday . The company traded as low as $193.89 and last traded at $194.09. Approximately 645,548 shares changed hands during trading, a decline of 88% from the average daily volume of 5,394,777 shares. The stock had previously closed at $199.35.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ABBV shares. Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an "overweight" rating in a report on Friday, August 23rd. HSBC raised AbbVie from a "hold" rating to a "buy" rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Barclays boosted their price objective on AbbVie from $187.00 to $200.00 and gave the stock an "overweight" rating in a research note on Friday, July 26th. Wells Fargo & Company raised their target price on AbbVie from $200.00 to $205.00 and gave the company an "overweight" rating in a research note on Friday, July 26th. Finally, Truist Financial reiterated a "buy" rating and issued a $210.00 price target (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $191.64.

AbbVie Trading Down 2.4 %

The business's 50-day simple moving average is $185.07 and its 200-day simple moving average is $174.88. The company has a market cap of $343.71 billion, a PE ratio of 57.74, a P/E/G ratio of 2.64 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period last year, the company earned $2.91 earnings per share. AbbVie's quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts expect that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. AbbVie's dividend payout ratio is currently 183.98%.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company's stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company's stock, valued at $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On AbbVie

A number of hedge funds have recently bought and sold shares of ABBV. Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter worth $3,229,888,000. Vanguard Group Inc. boosted its holdings in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company's stock valued at $31,025,605,000 after purchasing an additional 9,978,415 shares during the period. Capital World Investors grew its position in AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company's stock worth $796,357,000 after purchasing an additional 3,120,310 shares during the last quarter. Capital International Investors increased its holdings in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company's stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. Finally, TD Asset Management Inc raised its position in shares of AbbVie by 156.0% during the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company's stock valued at $632,619,000 after buying an additional 2,116,997 shares during the last quarter. 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.