AbbVie (NYSE:ABBV) Shares Up 3.9% – Here’s Why

AbbVie Inc. (NYSE:ABBV)’s stock price shot up 3.9% on Thursday . The stock traded as high as $261.64 and last traded at $260.8780. 6,793,011 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 7,207,927 shares. The stock had previously closed at $251.06.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABBV. Morgan Stanley upped their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Guggenheim reaffirmed a “buy” rating and set a $249.00 price target on shares of AbbVie in a report on Friday, May 1st. Piper Sandler reiterated an “overweight” rating and set a $298.00 price objective on shares of AbbVie in a research report on Tuesday, June 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of AbbVie in a report on Tuesday, June 23rd. Finally, William Blair restated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $253.81.

AbbVie Stock Down 0.1%

The firm has a market capitalization of $460.92 billion, a price-to-earnings ratio of 128.51, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The firm’s 50 day moving average is $220.19 and its 200 day moving average is $220.30.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.46 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 14.28 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s payout ratio is presently 340.89%.

Institutional Investors Weigh In On AbbVie

Several hedge funds have recently modified their holdings of the stock. Chelsea Counsel Co. acquired a new position in shares of AbbVie in the third quarter worth about $26,000. Litman Gregory Wealth Management LLC purchased a new position in shares of AbbVie in the fourth quarter worth approximately $28,000. Imprint Wealth LLC raised its holdings in shares of AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC acquired a new stake in shares of AbbVie during the fourth quarter valued at approximately $29,000. Finally, IFC & Insurance Marketing Inc. purchased a new stake in shares of AbbVie in the 4th quarter valued at approximately $31,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

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.