AbbVie (NYSE:ABBV) Price Target Raised to $223.00

AbbVie (NYSE:ABBV) had its target price hoisted by Bank of America from $200.00 to $223.00 in a research note published on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

ABBV has been the topic of several other research reports. Wolfe Research initiated coverage on shares of AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target on the stock. BMO Capital Markets upped their target price on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Morgan Stanley raised their price target on AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Raymond James restated an “outperform” rating and issued a $220.00 price objective (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Finally, UBS Group upped their price objective on shares of AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $211.45.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $210.71 on Tuesday. AbbVie has a 12 month low of $153.58 and a 12 month high of $215.66. The firm has a market capitalization of $371.98 billion, a price-to-earnings ratio of 87.80, a price-to-earnings-growth ratio of 1.62 and a beta of 0.58. The business’s 50 day simple moving average is $186.90 and its 200-day simple moving average is $187.47. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the previous year, the company earned $2.79 EPS. As a group, equities analysts forecast that AbbVie will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio is presently 273.33%.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now owns 11,496 shares in the company, valued at $2,338,401.36. This represents a 62.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the sale, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. This represents a 20.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,439 shares of company stock worth $11,377,057. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of AbbVie

Several large investors have recently modified their holdings of the business. Swedbank AB grew its position in shares of AbbVie by 0.3% during the third quarter. Swedbank AB now owns 2,147,126 shares of the company’s stock worth $424,014,000 after buying an additional 6,810 shares in the last quarter. Howard Capital Management Group LLC grew its holdings in AbbVie by 20.3% during the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock worth $397,000 after acquiring an additional 339 shares in the last quarter. Moloney Securities Asset Management LLC increased its position in shares of AbbVie by 2.5% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 22,345 shares of the company’s stock worth $4,413,000 after purchasing an additional 554 shares during the last quarter. Alterna Wealth Management Inc. acquired a new stake in shares of AbbVie in the 3rd quarter valued at about $209,000. Finally, FSM Wealth Advisors LLC lifted its position in shares of AbbVie by 3.0% during the third quarter. FSM Wealth Advisors LLC now owns 5,232 shares of the company’s stock worth $1,033,000 after purchasing an additional 151 shares during the last quarter. 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.