AbbVie (NYSE:ABBV) Trading Down 2.8% – Should You Sell?

AbbVie Inc. (NYSE:ABBV) dropped 2.8% during trading on Monday . The company traded as low as $220.00 and last traded at $221.4180. Approximately 5,178,061 shares changed hands during trading, a decline of 23% from the average daily volume of 6,740,016 shares. The stock had previously closed at $227.73.

Analysts Set New Price Targets

ABBV has been the subject of a number of research reports. William Blair restated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Morgan Stanley lifted their price target on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. BMO Capital Markets restated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Evercore set a $235.00 price objective on AbbVie in a report on Friday, May 15th. Finally, Royal Bank Of Canada started coverage on AbbVie in a report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 price objective on the stock. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

AbbVie Price Performance

The business has a fifty day moving average of $211.05 and a 200 day moving average of $219.00. The stock has a market cap of $391.20 billion, a price-to-earnings ratio of 109.07, a P/E/G ratio of 0.70 and a beta of 0.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the prior year, the company posted $2.46 earnings per share. The firm’s revenue was up 12.4% on a year-over-year basis. On average, analysts expect that AbbVie Inc. will post 14.3 EPS for the current year.

Hedge Funds Weigh In On AbbVie

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in AbbVie by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 177,747,261 shares of the company’s stock valued at $41,155,601,000 after acquiring an additional 448,554 shares in the last quarter. Thornburg Investment Management Inc. lifted its stake in AbbVie by 25.5% in the 3rd quarter. Thornburg Investment Management Inc. now owns 401,760 shares of the company’s stock valued at $93,024,000 after acquiring an additional 81,625 shares in the last quarter. Channing Capital Management LLC lifted its stake in AbbVie by 10.5% in the 3rd quarter. Channing Capital Management LLC now owns 55,647 shares of the company’s stock valued at $12,885,000 after acquiring an additional 5,302 shares in the last quarter. Procyon Advisors LLC raised its stake in shares of AbbVie by 19.9% during the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after purchasing an additional 5,427 shares in the last quarter. Finally, Woodley Farra Manion Portfolio Management Inc. raised its stake in shares of AbbVie by 358.1% during the 3rd quarter. Woodley Farra Manion Portfolio Management Inc. now owns 14,746 shares of the company’s stock worth $3,414,000 after purchasing an additional 11,527 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.