AbbVie (NYSE:ABBV) Trading Up 0.5% – Here’s Why

Shares of AbbVie Inc. (NYSE:ABBV) rose 0.5% on Tuesday . The stock traded as high as $176.63 and last traded at $175.23. Approximately 2,780,022 shares traded hands during trading, a decline of 48% from the average daily volume of 5,378,220 shares. The stock had previously closed at $174.43.

Analyst Ratings Changes

ABBV has been the subject of a number of research reports. Citigroup dropped their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a report on Tuesday. Morgan Stanley dropped their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday. Truist Financial increased their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Barclays lifted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $204.06.

AbbVie Stock Down 1.9 %

The firm’s fifty day moving average is $194.14 and its 200-day moving average is $180.83. The company has a market capitalization of $302.36 billion, a P/E ratio of 60.07, a price-to-earnings-growth ratio of 2.44 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.71 and a current ratio of 0.65.

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

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is 227.78%.

Hedge Funds Weigh In On AbbVie

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. acquired a new stake in shares of AbbVie during the first quarter worth $646,000. Quent Capital LLC raised its position in shares of AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after acquiring an additional 283 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of AbbVie by 65.7% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,041,447 shares of the company’s stock valued at $189,647,000 after purchasing an additional 412,920 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of AbbVie by 14.4% during the 1st quarter. Koshinski Asset Management Inc. now owns 33,720 shares of the company’s stock valued at $6,140,000 after purchasing an additional 4,235 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in AbbVie by 156.0% during the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after purchasing an additional 2,116,997 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.