AbbVie (NYSE:ABBV) Trading Down 1.7% – Time to Sell?

AbbVie Inc. (NYSE:ABBV)’s stock price traded down 1.7% during trading on Friday . The stock traded as low as $165.61 and last traded at $166.73. 3,236,599 shares changed hands during trading, a decline of 40% from the average session volume of 5,433,626 shares. The stock had previously closed at $169.63.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Guggenheim lifted their target price on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Morgan Stanley decreased their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Trading Down 1.9 %

The business’s fifty day simple moving average is $192.62 and its two-hundred day simple moving average is $180.76. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The company has a market cap of $294.00 billion, a price-to-earnings ratio of 57.89, a PEG ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.95 EPS. On average, equities analysts predict that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Institutional Investors Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fairway Wealth LLC acquired a new position in AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the 2nd quarter valued at about $27,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie in the third quarter worth approximately $28,000. Quest Partners LLC increased its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Finally, Marquette Asset Management LLC acquired a new position in shares of AbbVie in the 3rd quarter valued at $39,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Company Profile

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.