AbbVie (NYSE:ABBV) Shares Up 1% – Here’s Why

AbbVie Inc. (NYSE:ABBV) shares shot up 1% during mid-day trading on Wednesday . The company traded as high as $176.92 and last traded at $176.54. 832,548 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 5,786,059 shares. The stock had previously closed at $174.81.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABBV. Sanford C. Bernstein assumed coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Bank of America reaffirmed a “neutral” rating and set a $191.00 price objective on shares of AbbVie in a research report on Tuesday, December 10th. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Wells Fargo & Company raised their target price on AbbVie to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Piper Sandler lifted their price objective on AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $205.00.

AbbVie Trading Up 0.3 %

The stock has a market cap of $309.73 billion, a P/E ratio of 60.89, a P/E/G ratio of 1.68 and a beta of 0.58. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The company has a 50-day moving average price of $176.22 and a two-hundred day moving average price of $184.97.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the business earned $2.95 EPS. AbbVie’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc. will post 10.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Jmac Enterprises LLC increased its holdings in shares of AbbVie by 5.9% in the fourth quarter. Jmac Enterprises LLC now owns 8,977 shares of the company’s stock valued at $1,595,000 after purchasing an additional 503 shares during the period. Avidian Wealth Enterprises LLC boosted its stake in shares of AbbVie by 1.7% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 16,298 shares of the company’s stock worth $2,896,000 after buying an additional 276 shares during the last quarter. Great Lakes Retirement Inc. acquired a new stake in AbbVie in the fourth quarter valued at approximately $216,000. Kentucky Trust Co acquired a new stake in AbbVie in the fourth quarter valued at approximately $1,260,000. Finally, Capital Advisors Inc. OK grew its holdings in AbbVie by 1.6% in the fourth quarter. Capital Advisors Inc. OK now owns 335,011 shares of the company’s stock valued at $59,531,000 after purchasing an additional 5,119 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

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.