Brokerages Set AbbVie Inc. (NYSE:ABBV) PT at $191.64

AbbVie Inc. (NYSE:ABBV) has received an average recommendation of “Moderate Buy” from the fifteen brokerages that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $191.64.

A number of equities analysts have recently issued reports on the stock. Truist Financial reiterated a “buy” rating and set a $210.00 target price (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. BMO Capital Markets upped their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Morgan Stanley increased their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Finally, Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Institutional investors have recently added to or reduced their stakes in the stock. Cannon Financial Strategists Inc. acquired a new stake in AbbVie in the 2nd quarter valued at approximately $704,000. Heritage Wealth Management Inc. bought a new position in shares of AbbVie during the 2nd quarter worth approximately $4,084,000. Sanctuary Advisors LLC bought a new position in shares of AbbVie during the 2nd quarter worth approximately $68,213,000. Clear Rock Advisors LLC raised its holdings in shares of AbbVie by 2.1% in the second quarter. Clear Rock Advisors LLC now owns 20,348 shares of the company’s stock valued at $3,490,000 after purchasing an additional 427 shares during the last quarter. Finally, Creekside Partners bought a new stake in shares of AbbVie in the second quarter worth $336,000. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of AbbVie stock opened at $194.59 on Monday. The stock has a market capitalization of $343.62 billion, a price-to-earnings ratio of 57.74, a P/E/G ratio of 2.64 and a beta of 0.64. The firm’s 50-day moving average price is $185.68 and its two-hundred day moving average price is $175.02. 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 1-year low of $135.85 and a 1-year high of $199.95.

AbbVie (NYSE:ABBV) last released 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. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the company earned $2.91 EPS. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts predict that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

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.