AbbVie (NYSE:ABBV) Trading 1.4% Higher – Here’s What Happened

AbbVie Inc. (NYSE:ABBV) traded up 1.4% during mid-day trading on Monday . The stock traded as high as $180.19 and last traded at $179.43. 2,068,007 shares were traded during trading, a decline of 62% from the average session volume of 5,505,530 shares. The stock had previously closed at $176.95.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ABBV shares. Sanford C. Bernstein started coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. UBS Group lifted their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. TD Cowen upped their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, Piper Sandler increased their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $203.50.

AbbVie Stock Up 0.1 %

The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company’s 50-day moving average price is $189.47 and its 200 day moving average price is $181.32. The stock has a market capitalization of $312.89 billion, a P/E ratio of 62.30, a P/E/G ratio of 2.16 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during 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 business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.95 earnings per share. As a group, equities analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced 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 is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.70%. AbbVie’s dividend payout ratio is currently 215.28%.

Institutional Investors Weigh In On AbbVie

Large investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. purchased a new stake in AbbVie during the first quarter valued at approximately $646,000. Quent Capital LLC grew its holdings in AbbVie by 3.3% during the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares during the last quarter. Kennedy Capital Management LLC raised its holdings in shares of AbbVie by 4,201.9% in the first quarter. Kennedy Capital Management LLC now owns 62,506 shares of the company’s stock worth $11,382,000 after buying an additional 61,053 shares during the period. Industrial Alliance Investment Management Inc. increased its stake in AbbVie by 13.2% in the first quarter. Industrial Alliance Investment Management Inc. now owns 6,597 shares of the company’s stock worth $1,201,000 after purchasing an additional 767 shares during the period. Finally, Whalerock Point Partners LLC lifted its position in shares of AbbVie by 1.4% during the first quarter. Whalerock Point Partners LLC now owns 11,064 shares of the company’s stock worth $2,015,000 after purchasing an additional 150 shares during the last quarter. 70.23% of the stock is owned by 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.