AbbVie (NYSE:ABBV) Price Target Increased to $195.00 by Analysts at Bank of America

AbbVie (NYSE:ABBV) had its target price increased by Bank of America from $185.00 to $195.00 in a research note released on Friday, Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley lifted their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. TD Cowen lifted their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Price Performance

Shares of ABBV stock opened at $186.62 on Friday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a 50 day moving average price of $194.37 and a 200 day moving average price of $177.88. The firm has a market capitalization of $329.55 billion, a P/E ratio of 55.38, 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 issued its earnings results 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 business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.91 EPS. As a group, sell-side analysts predict that AbbVie will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.32%. AbbVie’s payout ratio is presently 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the period. Capital World Investors raised its holdings in AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after purchasing an additional 3,120,310 shares during the period. Capital International Investors raised its holdings in AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. TD Asset Management Inc raised its holdings in AbbVie by 156.0% in the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after purchasing an additional 2,116,997 shares during the period. Finally, Swedbank AB acquired a new position in AbbVie in the 1st quarter worth about $367,372,000. 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.