AbbVie (NYSE:ABBV) Shares Down 1.3% – Here’s Why

AbbVie Inc. (NYSE:ABBV)’s share price was down 1.3% during mid-day trading on Tuesday . The stock traded as low as $243.19 and last traded at $244.75. Approximately 5,228,557 shares changed hands during trading, a decline of 27% from the average daily volume of 7,169,758 shares. The stock had previously closed at $248.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ABBV shares. UBS Group boosted their target price on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Guggenheim lifted their target price on shares of AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, Canaccord Genuity Group increased their target price on shares of AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.24.

AbbVie Stock Performance

The company’s 50-day moving average price is $226.15 and its 200 day moving average price is $221.34. The stock has a market capitalization of $432.42 billion, a PE ratio of 120.57, a PEG ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 EPS. Analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 340.89%.

Hedge Funds Weigh In On AbbVie

Institutional investors and hedge funds have recently modified their holdings of the stock. Willner & Heller LLC raised its holdings in AbbVie by 0.7% in the 2nd quarter. Willner & Heller LLC now owns 5,852 shares of the company’s stock worth $1,472,000 after acquiring an additional 43 shares during the last quarter. Bank of Jackson Hole Trust raised its stake in AbbVie by 0.6% during the 4th quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock valued at $1,648,000 after buying an additional 44 shares during the last quarter. Eclectic Associates Inc. ADV lifted its holdings in AbbVie by 0.8% in the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after acquiring an additional 45 shares during the period. Imprint Wealth LLC boosted its position in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Finally, Hardin Capital Partners LLC boosted its position in AbbVie by 1.4% in the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock worth $759,000 after purchasing an additional 46 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.