AbbVie (NYSE:ABBV) Stock Price Down 1.1% – Time to Sell?

AbbVie Inc. (NYSE:ABBV)’s share price dropped 1.1% during trading on Thursday . The company traded as low as $247.99 and last traded at $249.9820. 5,005,204 shares were traded during mid-day trading, a decline of 31% from the average session volume of 7,205,153 shares. The stock had previously closed at $252.74.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ABBV shares. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Canaccord Genuity Group upped their price target on AbbVie from $265.00 to $273.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Morgan Stanley raised their price target on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 5th. Finally, Cantor Fitzgerald increased their target price on shares of AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $262.81.

AbbVie Price Performance

The firm has a market capitalization of $438.17 billion, a P/E ratio of 122.17, a PEG ratio of 0.81 and a beta of 0.30. The firm’s 50 day moving average is $225.42 and its two-hundred day moving average is $221.25.

AbbVie (NYSE:ABBV) last posted its quarterly 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. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same period in the prior year, the firm posted $2.46 earnings per share. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Analysts anticipate that AbbVie Inc. will post 14.39 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently bought and sold shares of ABBV. Vanguard Group Inc. boosted its position in AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after purchasing an additional 3,032,438 shares during the period. State Street Corp raised its position in shares of AbbVie by 1.4% in the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock valued at $18,494,193,000 after purchasing an additional 1,119,274 shares during the period. Geode Capital Management LLC lifted its stake in shares of AbbVie by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of AbbVie by 1.4% during the 4th quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after buying an additional 356,394 shares during the period. Finally, Norges Bank bought a new stake in shares of AbbVie during the 4th quarter worth about $5,865,055,000. Institutional investors own 70.23% of the company’s stock.

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.