BMO Capital Markets Boosts AbbVie (NYSE:ABBV) Price Target to $220.00

AbbVie (NYSE:ABBV) had its target price upped by BMO Capital Markets from $214.00 to $220.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities analysts have also recently issued reports on the company. Barclays boosted their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. TD Cowen boosted their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Truist Financial boosted their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, UBS Group boosted their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Stock Up 0.2 %

ABBV opened at $188.86 on Thursday. The business has a 50 day moving average price of $194.44 and a two-hundred day moving average price of $177.74. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company has a market cap of $333.50 billion, a PE ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95.

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

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Activity

In other news, 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 value 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in AbbVie by 128.5% in the fourth quarter. Wellington Management Group LLP now owns 954,374 shares of the company’s stock valued at $147,899,000 after purchasing an additional 536,730 shares during the period. Signal Advisors Wealth LLC purchased a new stake in AbbVie in the first quarter valued at approximately $332,000. Bruce G. Allen Investments LLC grew its holdings in AbbVie by 9.6% in the first quarter. Bruce G. Allen Investments LLC now owns 2,749 shares of the company’s stock valued at $501,000 after purchasing an additional 241 shares during the period. Banque Cantonale Vaudoise grew its holdings in AbbVie by 18.4% in the first quarter. Banque Cantonale Vaudoise now owns 52,244 shares of the company’s stock valued at $9,513,000 after purchasing an additional 8,122 shares during the period. Finally, Wedmont Private Capital grew its holdings in AbbVie by 4.8% in the first quarter. Wedmont Private Capital now owns 18,496 shares of the company’s stock valued at $3,147,000 after purchasing an additional 851 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.