AbbVie (NYSE:ABBV) PT Raised to $205.00

AbbVie (NYSE:ABBV) had its price target boosted by Wells Fargo & Company from $200.00 to $205.00 in a research report report published on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Barclays lifted their target price on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday. Truist Financial reissued a buy rating and set a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research report on Friday. Piper Sandler Companies reissued an overweight rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. HSBC upgraded AbbVie from a hold rating to a buy rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Finally, Cantor Fitzgerald restated an overweight rating and set a $200.00 price objective on shares of AbbVie in a research note on Tuesday, July 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $188.71.

AbbVie Trading Down 1.7 %

Shares of AbbVie stock opened at $181.93 on Friday. AbbVie has a 1 year low of $135.85 and a 1 year high of $186.85. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The business has a 50 day moving average price of $168.02 and a 200 day moving average price of $169.76. The company has a market capitalization of $321.26 billion, a P/E ratio of 53.99, a P/E/G ratio of 2.35 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.91 earnings per share. Sell-side analysts anticipate that AbbVie will post 10.79 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently modified their holdings of the stock. Capital Advisors Ltd. LLC raised its position in AbbVie by 1.3% in the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after acquiring an additional 55 shares during the period. Lokken Investment Group LLC grew its position in shares of AbbVie by 3.6% during the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares in the last quarter. Arcadia Investment Management Corp MI raised its holdings in shares of AbbVie by 0.6% during the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after acquiring an additional 59 shares in the last quarter. L. Roy Papp & Associates LLP increased its holdings in shares of AbbVie by 0.8% during the second quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock valued at $1,354,000 after acquiring an additional 60 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC raised its position in shares of AbbVie by 1.5% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 4,001 shares of the company’s stock valued at $686,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

About AbbVie

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.