AbbVie (NYSE:ABBV) Stock Price Down 0% - Here's What Happened

Shares of AbbVie Inc. (NYSE:ABBV - Get Free Report) dropped 0% on Tuesday . The company traded as low as $186.23 and last traded at $186.47. Approximately 432,480 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 5,273,500 shares. The stock had previously closed at $186.54.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. BMO Capital Markets increased their target price on AbbVie from $214.00 to $220.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Barclays raised their price objective on AbbVie from $200.00 to $212.00 and gave the stock an "overweight" rating in a research note on Monday, October 7th. Bank of America raised their price objective on AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research note on Friday. UBS Group raised their price objective on AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 9th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $198.47.

AbbVie Price Performance

The stock has a 50 day moving average of $194.37 and a 200-day moving average of $177.88. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market cap of $332.69 billion, a PE ratio of 55.33, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period last year, the firm posted $2.91 EPS. AbbVie's revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Tuesday, October 15th. AbbVie's dividend payout ratio (DPR) is 183.98%.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm's stock in a transaction dated 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 transaction, the chairman now directly owns 446,599 shares of the company's stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AbbVie

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABBV. Fairway Wealth LLC acquired a new position in AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter valued at approximately $27,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the third quarter worth $39,000. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie during the first quarter worth $37,000. Finally, Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company's stock worth $36,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

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.

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