JPMorgan Chase & Co. Cuts AbbVie (NYSE:ABBV) Price Target to $200.00

AbbVie (NYSE:ABBV) had its price objective trimmed by JPMorgan Chase & Co. from $210.00 to $200.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Bank of America boosted their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. TD Cowen boosted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, UBS Group raised their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $203.89.

AbbVie Stock Performance

Shares of ABBV stock opened at $164.91 on Wednesday. AbbVie has a 1 year low of $137.05 and a 1 year high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market cap of $291.42 billion, a price-to-earnings ratio of 57.89, a PEG ratio of 2.07 and a beta of 0.63. The stock’s 50-day moving average is $192.62 and its two-hundred day moving average is $180.76.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the business posted $2.95 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts predict that AbbVie will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm 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 $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.98%. AbbVie’s payout ratio is currently 215.28%.

Hedge Funds Weigh In On AbbVie

Several hedge funds have recently added to or reduced their stakes in ABBV. Fairway Wealth LLC purchased a new stake in AbbVie during the 2nd quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter worth about $27,000. Groupama Asset Managment raised its position in shares of AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after buying an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of AbbVie during the third quarter valued at approximately $28,000. Finally, Quest Partners LLC boosted its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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.