AbbVie (NYSE:ABBV) Stock Price Up 0.4%

AbbVie Inc. (NYSE:ABBV) shot up 0.4% during trading on Monday . The company traded as high as $196.16 and last traded at $194.94. 502,272 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 5,369,300 shares. The stock had previously closed at $194.21.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Barclays upped their target price on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Morgan Stanley lifted their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $191.64.

AbbVie Price Performance

The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company’s 50 day moving average is $186.83 and its 200 day moving average is $175.22. The stock has a market cap of $345.05 billion, a price-to-earnings ratio of 57.85, a PEG ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the firm earned $2.91 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fairway Wealth LLC purchased a new position in AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter worth $27,000. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the 4th quarter valued at about $26,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter valued at about $36,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie during the first quarter worth about $37,000. Institutional investors and hedge funds 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.