AbbVie (NYSE:ABBV) Shares Up 1.4% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV)’s share price traded up 1.4% during trading on Tuesday . The stock traded as high as $216.50 and last traded at $215.6440. 4,855,654 shares changed hands during mid-day trading, a decline of 7% from the average session volume of 5,241,619 shares. The stock had previously closed at $212.6260.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ABBV shares. Royal Bank Of Canada began coverage on shares of AbbVie in a research report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Evercore set a $235.00 price target on AbbVie in a research note on Friday, May 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $240.00 price objective on shares of AbbVie in a research note on Thursday, April 30th. Finally, DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $253.43.

AbbVie Stock Performance

The stock has a market capitalization of $381.00 billion, a P/E ratio of 106.23, a PEG ratio of 0.75 and a beta of 0.32. The business has a fifty day simple moving average of $208.56 and a 200-day simple moving average of $219.58.

AbbVie (NYSE:ABBV) last issued its 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 business 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%. AbbVie’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.46 earnings per share. On average, sell-side analysts anticipate that AbbVie Inc. will post 14.3 earnings per share for the current year.

Insider Activity at AbbVie

In related news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares of the company’s stock, valued at $619,868.24. The trade was a 66.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Institutional Trading of AbbVie

Hedge funds and other institutional investors have recently bought and sold shares of the business. Chelsea Counsel Co. purchased a new position in shares of AbbVie in the 3rd quarter worth approximately $26,000. Litman Gregory Wealth Management LLC bought a new position in AbbVie during the fourth quarter valued at about $28,000. Imprint Wealth LLC increased its holdings in AbbVie by 56.3% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Westend Capital Management LLC bought a new stake in AbbVie in the fourth quarter worth about $29,000. Finally, IFC & Insurance Marketing Inc. bought a new stake in AbbVie in the fourth quarter worth about $31,000. Institutional investors 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.