AbbVie (NYSE:ABBV) Stock Price Down 0.6% – What’s Next?

AbbVie Inc. (NYSE:ABBV) fell 0.6% during trading on Thursday . The company traded as low as $199.46 and last traded at $199.91. 627,343 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 5,306,925 shares. The stock had previously closed at $201.20.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABBV. Sanford C. Bernstein began coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Piper Sandler raised their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Guggenheim raised their price objective on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $202.72.

AbbVie Trading Down 0.5 %

The firm has a market capitalization of $352.67 billion, a price-to-earnings ratio of 69.30, a PEG ratio of 2.51 and a beta of 0.63. The business’s 50-day simple moving average is $194.58 and its two-hundred day simple moving average is $180.61. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the firm posted $2.95 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post 10.96 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ABBV. LPL Financial LLC lifted its stake in AbbVie by 3.6% in the third quarter. LPL Financial LLC now owns 2,657,804 shares of the company’s stock worth $524,863,000 after acquiring an additional 92,492 shares during the last quarter. German American Bancorp Inc. lifted its stake in AbbVie by 11.2% in the third quarter. German American Bancorp Inc. now owns 27,382 shares of the company’s stock worth $5,407,000 after acquiring an additional 2,751 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in AbbVie by 19.0% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 878,900 shares of the company’s stock worth $173,565,000 after acquiring an additional 140,368 shares during the last quarter. Cornerstone Advisors LLC lifted its stake in AbbVie by 1.9% in the third quarter. Cornerstone Advisors LLC now owns 81,600 shares of the company’s stock worth $16,114,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in AbbVie by 4.3% during the third quarter. Citizens Financial Group Inc. RI now owns 99,228 shares of the company’s stock worth $19,596,000 after purchasing an additional 4,074 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

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.