AbbVie (NYSE:ABBV) Given New $215.00 Price Target at Truist Financial

AbbVie (NYSE:ABBV) had its price target lifted by Truist Financial from $210.00 to $215.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on the stock. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an overweight rating in a research report on Friday, August 23rd. Cantor Fitzgerald reaffirmed an overweight rating and issued a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. William Blair raised shares of AbbVie to a strong-buy rating in a research report on Friday, August 30th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research report on Monday, August 12th. Finally, BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an outperform rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $198.00.

AbbVie Stock Down 0.2 %

Shares of ABBV stock traded down $0.47 during trading hours on Thursday, hitting $193.88. 222,259 shares of the company were exchanged, compared to its average volume of 5,290,617. The business has a 50 day moving average of $193.98 and a two-hundred day moving average of $177.30. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a market capitalization of $342.46 billion, a PE ratio of 64.77, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year. Analysts anticipate that AbbVie will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 206.67%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Several hedge funds and other institutional investors have recently made changes to their positions in ABBV. Bell Investment Advisors Inc increased its position in AbbVie by 6.6% in the 4th quarter. Bell Investment Advisors Inc now owns 2,031 shares of the company’s stock valued at $315,000 after acquiring an additional 126 shares during the period. Baird Financial Group Inc. boosted its stake in shares of AbbVie by 0.6% in the 4th quarter. Baird Financial Group Inc. now owns 2,095,667 shares of the company’s stock valued at $324,766,000 after purchasing an additional 12,389 shares during the last quarter. Buckingham Strategic Wealth LLC boosted its stake in shares of AbbVie by 2.7% in the 4th quarter. Buckingham Strategic Wealth LLC now owns 91,743 shares of the company’s stock valued at $14,217,000 after purchasing an additional 2,420 shares during the last quarter. Garden State Investment Advisory Services LLC boosted its stake in shares of AbbVie by 4.6% in the 4th quarter. Garden State Investment Advisory Services LLC now owns 3,253 shares of the company’s stock valued at $504,000 after purchasing an additional 142 shares during the last quarter. Finally, Groupama Asset Managment bought a new stake in shares of AbbVie in the 4th quarter valued at $13,572,000. 70.23% of the stock is currently 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.