AbbVie Inc. (NYSE:ABBV – Get Free Report) shot up 1.8% on Monday . The stock traded as high as $264.65 and last traded at $261.68. Approximately 4,448,936 shares traded hands during trading, a decline of 33% from the average daily volume of 6,622,147 shares. The stock had previously closed at $257.12.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on ABBV shares. BNP Paribas Exane lifted their price objective on AbbVie from $218.00 to $247.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Piper Sandler raised their price target on shares of AbbVie from $298.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Guggenheim lifted their price objective on AbbVie from $261.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Wolfe Research upgraded AbbVie from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a report on Thursday, August 13th. Finally, BMO Capital Markets lifted their price objective on shares of AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $276.64.
Check Out Our Latest Report on ABBV
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.61 by $0.04. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%.The company had revenue of $16.99 billion during the quarter, compared to the consensus estimate of $16.80 billion. During the same quarter last year, the firm earned $2.97 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. On average, equities analysts anticipate that AbbVie Inc. will post 14.05 EPS for the current fiscal year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be given a dividend of $1.73 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.6%. AbbVie’s dividend payout ratio is currently 195.48%.
Insider Buying and Selling at AbbVie
In other news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. This represents a 30.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.
Hedge Funds Weigh In On AbbVie
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ranch Capital Advisors Inc. lifted its position in AbbVie by 37.0% during the first quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock valued at $3,238,000 after buying an additional 4,017 shares during the period. Capital Advisors Inc. OK lifted its position in AbbVie by 11.2% during the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company’s stock valued at $112,516,000 after acquiring an additional 45,132 shares during the period. Danica Pension Livsforsikringsaktieselskab bought a new stake in AbbVie during the second quarter worth about $23,557,000. Wedge Capital Management L L P NC grew its holdings in AbbVie by 7.5% in the second quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company’s stock worth $33,865,000 after purchasing an additional 9,380 shares during the period. Finally, Mission Wealth Management LP increased its stake in shares of AbbVie by 119.1% during the second quarter. Mission Wealth Management LP now owns 69,052 shares of the company’s stock valued at $17,376,000 after purchasing an additional 37,531 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Company Profile
AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines across immunology, oncology, neuroscience, eye care, aesthetics and other specialty areas. The company was established in 2013 after separating from Abbott Laboratories, which retained Abbott’s diversified medical products and diagnostics businesses while AbbVie focused on research-based pharmaceuticals.
AbbVie’s immunology portfolio includes Skyrizi (risankizumab) and Rinvoq (upadacitinib), which are used to treat several inflammatory conditions.
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