AbbVie (NYSE:ABBV) Shares Down 0.1% After Analyst Downgrade

AbbVie Inc. (NYSE:ABBV)’s stock price dropped 0.1% on Tuesday after Citigroup lowered their price target on the stock from $215.00 to $205.00. Citigroup currently has a buy rating on the stock. AbbVie traded as low as $174.77 and last traded at $176.66. Approximately 1,074,011 shares traded hands during trading, a decline of 82% from the average daily volume of 5,814,605 shares. The stock had previously closed at $176.90.

Several other brokerages also recently commented on ABBV. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a report on Thursday, December 5th. Piper Sandler raised their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. cut their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Truist Financial decreased their price objective on shares of AbbVie from $215.00 to $211.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Finally, Daiwa America downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.00.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

A number of hedge funds have recently bought and sold shares of the company. State Street Corp boosted its holdings in AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after acquiring an additional 1,267,685 shares during the period. FMR LLC lifted its stake in shares of AbbVie by 3.9% in the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock valued at $2,691,732,000 after buying an additional 511,470 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock valued at $2,009,542,000 after buying an additional 582,953 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of AbbVie by 4.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after buying an additional 373,802 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of AbbVie by 1,745.0% in the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after buying an additional 4,471,806 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.2 %

The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The company’s 50 day moving average is $176.22 and its two-hundred day moving average is $184.97. The firm has a market cap of $309.62 billion, a P/E ratio of 60.84, a PEG ratio of 1.68 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the company earned $2.95 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 10.06 earnings per share for the current year.

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.