Citigroup Lowers AbbVie (NYSE:ABBV) Price Target to $215.00

AbbVie (NYSE:ABBV) had its price objective trimmed by Citigroup from $226.00 to $215.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also issued reports on ABBV. Sanford C. Bernstein assumed coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Piper Sandler raised their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. BMO Capital Markets lowered their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Price Performance

Shares of ABBV opened at $164.91 on Tuesday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The company’s fifty day moving average price is $192.62 and its 200-day moving average price is $180.76. AbbVie has a 1-year low of $137.05 and a 1-year high of $207.32. The firm has a market capitalization of $291.42 billion, a PE ratio of 57.89, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for 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 company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.95 EPS. On average, equities research analysts predict that AbbVie will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.98%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Institutional Trading of AbbVie

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC purchased a new stake in AbbVie during the third quarter worth about $28,000. Fairway Wealth LLC acquired a new position in shares of AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC acquired a new stake in AbbVie during the 3rd quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. boosted its position in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors 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.