AbbVie (ABBV) – Investment Analysts’ Recent Ratings Changes

Posted by Brian Wu on Jul 31st, 2024

Several brokerages have updated their recommendations and price targets on shares of AbbVie (NYSE: ABBV) in the last few weeks:

7/26/2024 – AbbVie had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $200.00 price target on the stock.
7/26/2024 – AbbVie had its price target raised by analysts at Wells Fargo & Company from $200.00 to $205.00. They now have an “overweight” rating on the stock.
7/26/2024 – AbbVie had its price target raised by analysts at Barclays PLC from $187.00 to $200.00. They now have an “overweight” rating on the stock.
7/26/2024 – AbbVie had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $210.00 price target on the stock, up previously from $195.00.
7/19/2024 – AbbVie had its price target raised by analysts at BMO Capital Markets from $180.00 to $214.00. They now have an “outperform” rating on the stock.
7/11/2024 – AbbVie had its price target raised by analysts at Morgan Stanley from $191.00 to $196.00. They now have an “overweight” rating on the stock.
7/9/2024 – AbbVie had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $200.00 price target on the stock.
7/3/2024 – AbbVie had its “overweight” rating reaffirmed by analysts at Piper Sandler Companies. They now have a $190.00 price target on the stock.
7/2/2024 – AbbVie had its “overweight” rating reaffirmed by analysts at Piper Sandler. They now have a $190.00 price target on the stock.
6/20/2024 – AbbVie had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald. They now have a $200.00 price target on the stock.
6/18/2024 – AbbVie had its price target raised by analysts at Piper Sandler from $185.00 to $190.00. They now have an “overweight” rating on the stock.
6/5/2024 – AbbVie was upgraded by analysts at HSBC Holdings plc from a “hold” rating to a “buy” rating. They now have a $185.00 price target on the stock.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $0.51 on Wednesday, hitting $186.27. The company’s stock had a trading volume of 1,503,329 shares, compared to its average volume of 5,547,360. The company has a 50-day simple moving average of $168.50 and a 200 day simple moving average of $169.93. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $187.71. The company has a market capitalization of $328.93 billion, a PE ratio of 55.27, a PEG ratio of 2.39 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. AbbVie’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $2.91 EPS. Sell-side analysts forecast that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.33%. AbbVie’s dividend payout ratio is 183.98%.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC grew its position in AbbVie by 1.3% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after acquiring an additional 55 shares during the last quarter. Lokken Investment Group LLC grew its position in shares of AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares during the last quarter. Arcadia Investment Management Corp MI grew its position in shares of AbbVie by 0.6% in the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after buying an additional 59 shares during the last quarter. RAM Investment Partners LLC grew its position in shares of AbbVie by 1.1% in the 2nd quarter. RAM Investment Partners LLC now owns 5,219 shares of the company’s stock worth $895,000 after buying an additional 59 shares during the last quarter. Finally, L. Roy Papp & Associates LLP grew its position in shares of AbbVie by 0.8% in the 2nd quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock worth $1,354,000 after buying an additional 60 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

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.