AbbVie (NYSE:ABBV) Receives Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of AbbVie (NYSE:ABBV) in a report released on Tuesday morning, Benzinga reports. Piper Sandler currently has a $190.00 target price on the stock.

ABBV has been the subject of several other reports. Cantor Fitzgerald restated an overweight rating and issued a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. BMO Capital Markets decreased their price target on AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a research note on Monday, April 29th. Guggenheim raised their price target on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a report on Friday, March 22nd. Barclays cut their price objective on shares of AbbVie from $195.00 to $187.00 and set an overweight rating on the stock in a report on Monday, April 29th. Finally, HSBC raised shares of AbbVie from a hold rating to a buy rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $179.64.

AbbVie Stock Down 2.6 %

AbbVie stock opened at $165.97 on Tuesday. The firm has a market cap of $293.08 billion, a P/E ratio of 49.25, a P/E/G ratio of 2.19 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie has a twelve month low of $132.70 and a twelve month high of $182.89. The business has a fifty day moving average of $164.65 and a two-hundred day moving average of $167.74.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $2.46 earnings per share. On average, analysts forecast that AbbVie will post 11.27 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.74%. AbbVie’s dividend payout ratio is presently 183.98%.

Hedge Funds Weigh In On AbbVie

Several large investors have recently made changes to their positions in ABBV. Vanguard Group Inc. grew its position in shares of AbbVie by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares during the period. Capital International Investors grew its holdings in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. Morgan Stanley increased its position in shares of AbbVie by 2.9% in the third quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock valued at $4,796,085,000 after buying an additional 914,485 shares in the last quarter. Capital Research Global Investors raised its stake in shares of AbbVie by 3.3% during the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after buying an additional 992,496 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.