AbbVie (NYSE:ABBV) Given New $195.00 Price Target at Wells Fargo & Company

AbbVie (NYSE:ABBV) had its price objective lifted by Wells Fargo & Company to $195.00 in a report released on Tuesday morning,Stock Target Advisor reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wolfe Research began coverage on AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target for the company. Sanford C. Bernstein began coverage on AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Finally, Morgan Stanley lowered their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $203.37.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $166.58 on Tuesday. The company has a market cap of $294.37 billion, a P/E ratio of 57.84, a P/E/G ratio of 2.01 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie has a 52 week low of $137.14 and a 52 week high of $207.32. The business has a fifty day simple moving average of $190.79 and a 200-day simple moving average of $181.10.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 earnings per share. Equities research analysts forecast that AbbVie will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.94%. AbbVie’s payout ratio is 215.28%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ABBV. Fairway Wealth LLC bought a new stake in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the second quarter valued at about $27,000. Groupama Asset Managment increased its holdings in AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after buying an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new stake in AbbVie in the third quarter valued at about $28,000. Finally, Quest Partners LLC increased its holdings in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.