AbbVie Sees Unusually High Options Volume (NYSE:ABBV)

AbbVie Inc (NYSE:ABBV) saw some unusual options trading on Tuesday. Stock investors bought 80,098 call options on the stock. This is an increase of 1,464% compared to the average volume of 5,122 call options.

NYSE ABBV traded down $0.07 during trading on Thursday, reaching $68.25. 7,335,189 shares of the company’s stock were exchanged, compared to its average volume of 7,699,522. The firm has a market cap of $102.24 billion, a PE ratio of 8.63, a P/E/G ratio of 1.41 and a beta of 0.98. The stock has a 50 day simple moving average of $74.67. AbbVie has a 1 year low of $65.06 and a 1 year high of $100.23.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, April 25th. The company reported $2.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.08. The company had revenue of $7.83 billion during the quarter, compared to the consensus estimate of $7.81 billion. AbbVie had a negative return on equity of 221.09% and a net margin of 16.42%. AbbVie’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.87 EPS. On average, equities research analysts predict that AbbVie will post 8.82 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 6.27%. The ex-dividend date is Friday, July 12th. AbbVie’s payout ratio is currently 54.11%.

In other news, Director Roxanne S. Austin bought 11,500 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were acquired at an average price of $67.50 per share, for a total transaction of $776,250.00. Following the completion of the transaction, the director now directly owns 52,114 shares in the company, valued at approximately $3,517,695. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William J. Chase bought 30,400 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was purchased at an average price of $67.30 per share, for a total transaction of $2,045,920.00. Following the transaction, the executive vice president now owns 169,552 shares of the company’s stock, valued at $11,410,849.60. The disclosure for this purchase can be found here. 0.08% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. Trust Co. of Oklahoma lifted its stake in AbbVie by 2.9% in the 1st quarter. Trust Co. of Oklahoma now owns 6,710 shares of the company’s stock valued at $541,000 after buying an additional 190 shares in the last quarter. Sawgrass Asset Management LLC lifted its stake in AbbVie by 7.4% in the 4th quarter. Sawgrass Asset Management LLC now owns 409,054 shares of the company’s stock valued at $37,711,000 after buying an additional 28,134 shares in the last quarter. Tradition Capital Management LLC lifted its stake in shares of AbbVie by 3.7% during the 4th quarter. Tradition Capital Management LLC now owns 91,197 shares of the company’s stock worth $8,407,000 after purchasing an additional 3,247 shares during the period. Guinness Asset Management Ltd lifted its stake in shares of AbbVie by 33.2% during the 4th quarter. Guinness Asset Management Ltd now owns 220,210 shares of the company’s stock worth $20,301,000 after purchasing an additional 54,840 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of AbbVie by 95.5% during the 1st quarter. First Trust Advisors LP now owns 1,371,977 shares of the company’s stock worth $110,568,000 after purchasing an additional 670,186 shares during the period. 68.31% of the stock is owned by institutional investors and hedge funds.

Several research firms have issued reports on ABBV. BMO Capital Markets raised AbbVie from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $71.00 to $79.00 in a research note on Sunday, April 28th. Credit Suisse Group set a $123.00 target price on Hershey and gave the stock a “hold” rating in a research note on Friday, April 26th. Citigroup reissued a “hold” rating on shares of AbbVie in a research note on Wednesday, June 26th. Svb Leerink raised AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price objective for the company in a research note on Wednesday, June 26th. Finally, Goldman Sachs Group set a $27.00 price objective on Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Tuesday, May 28th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. AbbVie presently has a consensus rating of “Hold” and a consensus price target of $94.76.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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