AbbVie (NYSE:ABBV) Trading 1.1% Higher After Analyst Upgrade

Shares of AbbVie Inc. (NYSE:ABBV) were up 1.1% during mid-day trading on Monday after Citigroup raised their price target on the stock from $170.00 to $215.00. Citigroup currently has a buy rating on the stock. AbbVie traded as high as $189.92 and last traded at $189.90. Approximately 575,300 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 5,265,257 shares. The stock had previously closed at $187.85.

A number of other analysts also recently issued reports on ABBV. Barclays raised their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. UBS Group lifted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Morgan Stanley increased their price target on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $199.39.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of AbbVie

A number of large investors have recently made changes to their positions in the company. Fairway Wealth LLC acquired a new position in shares of AbbVie during the 2nd quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the second quarter worth approximately $27,000. Quest Partners LLC boosted 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 purchasing an additional 207 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new position in AbbVie in the first quarter valued at approximately $37,000. Finally, Marquette Asset Management LLC purchased a new stake in AbbVie in the third quarter valued at $39,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 1.0 %

The company has a market cap of $334.93 billion, a price-to-earnings ratio of 56.28, a P/E/G ratio of 2.66 and a beta of 0.63. The firm’s 50 day simple moving average is $193.88 and its 200-day simple moving average is $178.56. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 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.