AbbVie (NYSE:ABBV) Shares Down 1.9% – What’s Next?

AbbVie Inc. (NYSE:ABBV)’s share price traded down 1.9% during mid-day trading on Monday . The company traded as low as $221.17 and last traded at $223.0040. 4,841,176 shares were traded during mid-day trading, a decline of 29% from the average session volume of 6,845,706 shares. The stock had previously closed at $227.23.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Royal Bank Of Canada began coverage on shares of AbbVie in a report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Three 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Trading Down 1.9%

The stock’s 50 day moving average price is $209.85 and its two-hundred day moving average price is $219.26. The firm has a market capitalization of $394.00 billion, a PE ratio of 109.85, a PEG ratio of 0.69 and a beta of 0.32.

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

Institutional Trading of AbbVie

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in AbbVie by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock worth $41,306,353,000 after acquiring an additional 3,032,438 shares during the last quarter. State Street Corp boosted its position in AbbVie by 1.4% during the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after acquiring an additional 1,119,274 shares during the last quarter. Geode Capital Management LLC boosted its position in AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Bank of America Corp DE boosted its position in AbbVie by 1.4% during the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock worth $5,900,617,000 after acquiring an additional 356,394 shares during the last quarter. Finally, Norges Bank acquired a new stake in AbbVie during the fourth quarter worth approximately $5,865,055,000. 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.