AbbVie (NYSE:ABBV) Stock Price Up 1.3%

AbbVie Inc. (NYSE:ABBV) shares rose 1.3% during mid-day trading on Tuesday . The stock traded as high as $170.16 and last traded at $170.12. Approximately 845,594 shares changed hands during trading, a decline of 85% from the average daily volume of 5,571,998 shares. The stock had previously closed at $167.89.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. Barclays upped their price target on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. BMO Capital Markets upped their price target on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Truist Financial increased their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Finally, Raymond James increased their target price on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $177.43.

AbbVie Stock Performance

The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The stock has a fifty day moving average price of $175.13 and a 200-day moving average price of $160.62. The firm has a market capitalization of $297.17 billion, a price-to-earnings ratio of 61.48, a PEG ratio of 2.16 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The business had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the firm posted $3.60 EPS. AbbVie’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, analysts anticipate that AbbVie Inc. will post 11.16 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.69%. AbbVie’s dividend payout ratio is 227.11%.

Insider Activity at AbbVie

In related news, CFO Scott T. Reents sold 14,140 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the transaction, the chief financial officer now directly owns 27,065 shares in the company, valued at approximately $4,802,413.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock valued at $67,780,003 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the 4th quarter worth $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter worth $33,000. IFS Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth $36,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie in the 4th quarter worth $37,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth $37,000. 70.23% of the stock is currently owned by institutional investors.

About AbbVie

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.