AbbVie (NYSE:ABBV) Trading Down 12.5% – Time to Sell?

AbbVie Inc. (NYSE:ABBV)’s stock price was down 12.5% during mid-day trading on Monday . The company traded as low as $172.70 and last traded at $174.65. Approximately 6,080,039 shares changed hands during trading, an increase of 14% from the average daily volume of 5,325,071 shares. The stock had previously closed at $199.50.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ABBV shares. JPMorgan Chase & Co. dropped their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday. Barclays increased their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. TD Cowen lifted their price objective 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. Finally, Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $203.83.

AbbVie Stock Down 0.4 %

The stock has a market capitalization of $301.23 billion, a PE ratio of 59.29, a PEG ratio of 2.08 and a beta of 0.63. 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 business has a 50 day moving average of $193.61 and a two-hundred day moving average of $180.91.

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

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase 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 3.85%. AbbVie’s dividend payout ratio is presently 215.28%.

Hedge Funds Weigh In On AbbVie

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Shum Financial Group Inc. purchased a new position in AbbVie during the 3rd quarter worth $1,111,000. Brooklyn Investment Group grew its holdings in shares of AbbVie by 17.7% during the third quarter. Brooklyn Investment Group now owns 11,836 shares of the company’s stock worth $2,337,000 after buying an additional 1,779 shares during the last quarter. Quantbot Technologies LP acquired a new position in AbbVie in the 3rd quarter valued at about $152,000. FMR LLC lifted its position in AbbVie by 3.9% during the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after acquiring an additional 511,470 shares during the period. Finally, Elios Financial Group Inc. purchased a new position in shares of AbbVie in the 3rd quarter valued at approximately $496,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

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.