AbbVie (NYSE:ABBV) Trading Up 0.8%

Shares of AbbVie Inc. (NYSE:ABBV) shot up 0.8% during mid-day trading on Tuesday . The stock traded as high as $168.18 and last traded at $167.82. 652,370 shares traded hands during trading, a decline of 88% from the average session volume of 5,605,146 shares. The stock had previously closed at $166.52.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ABBV. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Tuesday. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Barclays decreased their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Finally, Morgan Stanley increased their target price on shares of AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Trading Up 1.1 %

The business’s 50-day moving average is $164.92 and its two-hundred day moving average is $168.27. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The stock has a market capitalization of $300.06 billion, a PE ratio of 50.31, a PEG ratio of 2.26 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $2.46 EPS. On average, analysts predict that AbbVie Inc. will post 10.61 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.65%. AbbVie’s payout ratio is currently 183.98%.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently modified their holdings of the stock. Cambridge Advisors Inc. raised its stake in AbbVie by 0.7% during the second quarter. Cambridge Advisors Inc. now owns 8,840 shares of the company’s stock worth $1,516,000 after acquiring an additional 65 shares during the period. BDF Gestion acquired a new stake in AbbVie during the second quarter worth about $10,438,000. CMH Wealth Management LLC acquired a new stake in AbbVie during the second quarter worth about $387,000. Talbot Financial LLC raised its stake in AbbVie by 1.3% during the second quarter. Talbot Financial LLC now owns 90,662 shares of the company’s stock worth $15,550,000 after acquiring an additional 1,168 shares during the period. Finally, Canandaigua National Bank & Trust Co. increased its stake in shares of AbbVie by 5.9% in the second quarter. Canandaigua National Bank & Trust Co. now owns 32,958 shares of the company’s stock valued at $5,653,000 after purchasing an additional 1,823 shares during the period. 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.