AbbVie (NYSE:ABBV) Trading Down 2.3% – Time to Sell?

Shares of AbbVie Inc. (NYSE:ABBV) were down 2.3% on Monday . The company traded as low as $211.51 and last traded at $212.6260. Approximately 4,818,406 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 6,891,930 shares. The stock had previously closed at $217.72.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ABBV shares. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. UBS Group decreased their target price on AbbVie from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Wall Street Zen raised AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Cantor Fitzgerald reissued an “overweight” rating and issued a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Finally, Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a research note on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Stock Up 1.3%

The company has a market cap of $381.00 billion, a P/E ratio of 106.23, a PEG ratio of 0.73 and a beta of 0.32. The firm’s 50 day moving average is $208.56 and its two-hundred day moving average is $219.58.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $2.46 EPS. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, research analysts forecast that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Institutional Trading of AbbVie

Several institutional investors have recently added to or reduced their stakes in the stock. Chelsea Counsel Co. bought a new position in AbbVie during the third quarter worth $26,000. Litman Gregory Wealth Management LLC bought a new stake in AbbVie during the fourth quarter valued at $28,000. Westend Capital Management LLC acquired a new stake in AbbVie during the 4th quarter worth about $29,000. Imprint Wealth LLC raised its position in shares of AbbVie by 56.3% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX bought a new position in shares of AbbVie in the 3rd quarter worth about $31,000. 70.23% of the stock is currently owned by institutional investors.

About AbbVie

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.