AbbVie (NYSE:ABBV) Trading 3.1% Higher

AbbVie Inc. (NYSE:ABBV)’s share price traded up 3.1% on Wednesday . The company traded as high as $175.70 and last traded at $174.37. 2,237,661 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 5,529,971 shares. The stock had previously closed at $169.20.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Tuesday, July 9th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. Barclays dropped their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Finally, Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $182.69.

AbbVie Price Performance

The stock has a fifty day simple moving average of $165.47 and a two-hundred day simple moving average of $168.77. The company has a market cap of $308.36 billion, a PE ratio of 51.74, a price-to-earnings-growth ratio of 2.17 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the previous year, the company earned $2.46 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 10.79 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Institutional Investors Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently modified their holdings of ABBV. Wellington Management Group LLP lifted its position in shares of AbbVie by 26.8% during the 3rd quarter. Wellington Management Group LLP now owns 417,644 shares of the company’s stock valued at $62,254,000 after acquiring an additional 88,172 shares during the period. BKM Wealth Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth $392,000. KWB Wealth acquired a new stake in shares of AbbVie during the 4th quarter worth $211,000. Clarity Wealth Advisors LLC increased its holdings in shares of AbbVie by 2.7% during the 4th quarter. Clarity Wealth Advisors LLC now owns 29,811 shares of the company’s stock worth $4,620,000 after buying an additional 784 shares during the last quarter. Finally, Mechanics Bank Trust Department increased its holdings in AbbVie by 1.6% in the 4th quarter. Mechanics Bank Trust Department now owns 11,291 shares of the company’s stock valued at $1,750,000 after purchasing an additional 180 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.