AbbVie (NYSE:ABBV) Stock Price Down 1.3% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) fell 1.3% during trading on Tuesday . The stock traded as low as $243.19 and last traded at $244.75. Approximately 5,228,557 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 7,169,758 shares. The stock had previously closed at $248.00.

Analysts Set New Price Targets

ABBV has been the topic of several recent research reports. BMO Capital Markets raised their price objective on shares of AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday. Guggenheim boosted their target price on shares of AbbVie from $249.00 to $261.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Royal Bank Of Canada increased their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Finally, Evercore set a $235.00 price target on AbbVie in a research note on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $267.67.

AbbVie Trading Up 2.2%

The company’s fifty day moving average is $227.70 and its 200-day moving average is $221.54. The firm has a market capitalization of $440.91 billion, a P/E ratio of 122.86, a P/E/G ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 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 the consensus estimate of $14.72 billion. During the same quarter last year, the firm posted $2.46 EPS. The business’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post 14.22 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s payout ratio is currently 340.89%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter worth $5,865,055,000. Wellington Management Group LLP raised its position in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after buying an additional 8,646,424 shares during the last quarter. Capital World Investors lifted its stake in shares of AbbVie by 106.3% in the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after buying an additional 6,736,161 shares during the period. Cardano Risk Management B.V. grew its position in AbbVie by 914.6% during the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after acquiring an additional 4,190,487 shares during the period. 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.