AbbVie (NYSE:ABBV) Stock Price Down 2.3% – What’s Next?

AbbVie Inc. (NYSE:ABBV) shares fell 2.3% during trading on Monday . The company traded as low as $211.51 and last traded at $212.6260. 4,818,406 shares changed hands during trading, a decline of 30% from the average session volume of 6,891,930 shares. The stock had previously closed at $217.72.

Wall Street Analyst Weigh In

A number of research firms have commented on ABBV. UBS Group lowered their target price on shares of AbbVie from $240.00 to $230.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a report on Thursday, February 5th. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a report on Thursday, April 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 price target on shares of AbbVie in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Stock Performance

The business has a 50-day simple moving average of $208.43 and a two-hundred day simple moving average of $219.67. The stock has a market cap of $375.67 billion, a price-to-earnings ratio of 104.74, a P/E/G ratio of 0.75 and a beta of 0.32.

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

Insider Buying and Selling

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the sale, the senior vice president directly owned 2,654 shares of the company’s stock, valued at $619,868.24. The trade was a 66.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Chelsea Counsel Co. bought a new stake in shares of AbbVie in the 3rd quarter valued at about $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie in the 4th quarter valued at about $28,000. Westend Capital Management LLC bought a new position in AbbVie in the 4th quarter valued at about $29,000. Imprint Wealth LLC raised its holdings in AbbVie by 56.3% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Finally, Texas Capital Bancshares Inc TX bought a new position in AbbVie in the 3rd quarter valued at about $31,000. 70.23% of the stock is 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.