AbbVie (NYSE:ABBV) trades 5.8% lower following analyst downgrade


AbbVie Inc. (NYSE: ABBV – Get Rating) stock price fell 5.8% on Friday after Piper Sandler lowered its price target on the stock from $160.00 to 155.00 $. The company traded as low as $140.84 and last traded at $141.01. 254,873 shares were traded during trading, down 96% from the average session volume of 7,268,194 shares. The stock previously closed at $149.75.

Other equity research analysts have also recently published research reports on the stock. SVB Leerink assumed coverage of AbbVie shares in a Monday, May 23 research report. They set an “underperforming” rating and a price target of $140.00 for the company. Goldman Sachs Group raised its price target on AbbVie shares from $122.00 to $140.00 and gave the company a “neutral” rating in a Tuesday, April 12 research report. Wells Fargo & Company raised its price target on AbbVie shares from $165.00 to $200.00 in a Monday, May 2 research report. StockNews.com upgraded AbbVie shares from a “buy” rating to a “strong buy” rating in a Friday, April 8 research report. Finally, BMO Capital Markets raised its price target on AbbVie shares from $161.00 to $174.00 and gave the stock an “outperform” rating in a Monday, April 25 research report. One equity research analyst gave the stock a sell rating, four gave the company a hold rating, eleven gave the company a buy rating and one gave the company a high buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $159.81.

Insider activity

In other news, Vice Chairman Michael Severino sold 100,000 shares in a trade that took place on Friday, May 6. The shares were sold at an average price of $150.81, for a total value of $15,081,000.00. Following the completion of the transaction, the insider now directly owns 152,103 shares of the company, valued at $22,938,653.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Vice Chairman Michael Severino sold 100,000 shares in a trade that took place on Friday, May 6. The shares were sold at an average price of $150.81, for a total value of $15,081,000.00. Following the completion of the transaction, the insider now directly owns 152,103 shares of the company, valued at $22,938,653.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Additionally, Executive Vice Chairman Henry O. Gosebruch sold 83,960 shares in a trade that took place on Monday, May 16. The shares were sold at an average price of $155.00, for a total transaction of $13,013,800.00. Following the completion of the transaction, the executive vice president now owns 16,623 shares of the company, valued at $2,576,565. The disclosure of this sale can be found here. Insiders have sold 463,761 shares of the company worth $70,609,771 in the past three months. Company insiders own 0.08% of the company’s shares.

AbbVie Institutional Trading

Several institutional investors and hedge funds have recently increased or reduced their stake in the company. Sanders Morris Harris LLC increased its stake in AbbVie by 0.3% during the first quarter. Sanders Morris Harris LLC now owns 23,158 shares of the company valued at $3,755,000 after purchasing an additional 62 shares in the last quarter. ICW Investment Advisors LLC increased its stake in AbbVie by 0.3% during the first quarter. ICW Investment Advisors LLC now owns 23,418 shares of the company valued at $3,796,000 after buying 65 additional shares in the last quarter. Sax Wealth Advisors LLC increased its stake in AbbVie by 0.9% during the first quarter. Sax Wealth Advisors LLC now owns 7,618 shares of the company valued at $1,235,000 after buying 66 additional shares in the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. increased its stake in AbbVie by 0.4% during the first quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 17,615 shares of the company valued at $2,856,000 after buying 67 additional shares last quarter. Finally, Wealth Architects LLC increased its stake in AbbVie by 1.5% during the first quarter. Wealth Architects LLC now owns 4,511 shares of the company valued at $731,000 after buying 67 additional shares in the last quarter. 67.03% of the shares are held by institutional investors and hedge funds.

AbbVie is trading down 4.2%

The company has a current ratio of 0.82, a quick ratio of 0.71 and a debt ratio of 3.89. The company has a market capitalization of $253.60 billion, a PE ratio of 20.59, a P/E/G ratio of 4.24 and a beta of 0.77. The company’s 50-day moving average is $148.53 and its 200-day moving average is $150.01.

AbbVie (NYSE: ABBV – Get Rating) last released its quarterly results on Friday, July 29. The company reported EPS of $3.37 for the quarter, beating the consensus estimate of $3.29 by $0.08. The company posted revenue of $14.58 billion in the quarter, versus a consensus estimate of $14.64 billion. AbbVie had a net margin of 22.00% and a return on equity of 159.31%. The company’s quarterly revenue increased 4.5% year over year. In the same quarter of the previous year, the company achieved EPS of $3.11. As a group, sell-side analysts expect AbbVie Inc. to post EPS of 14.03 for the current year.

AbbVie announces dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 15. Investors of record on Friday, July 15 will receive a dividend of $1.41. The ex-dividend date is Thursday July 14. This represents an annualized dividend of $5.64 and a dividend yield of 3.93%. AbbVie’s dividend payout ratio (DPR) is currently 80.92%.

AbbVie Company Profile

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AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The Company offers HUMIRA, an injection therapy for autoimmune and intestinal Behçet’s disease; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL) and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1 to 6 infection.

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