AbbVie (NYSE:ABBV) Price Target Raised to $235.00

AbbVie (NYSE:ABBV) had its price target upped by JPMorgan Chase & Co. from $200.00 to $235.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also recently issued reports on ABBV. BMO Capital Markets upped their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Cantor Fitzgerald upped their target price on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday. Wells Fargo & Company upped their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Finally, Morgan Stanley upped their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $222.68.

AbbVie Trading Up 0.5%

AbbVie stock opened at $221.93 on Tuesday. The firm has a 50-day moving average of $202.52 and a 200-day moving average of $194.91. AbbVie has a one year low of $163.81 and a one year high of $222.07. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market cap of $392.05 billion, a price-to-earnings ratio of 105.68, a P/E/G ratio of 1.32 and a beta of 0.53.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 earnings per share. On average, equities analysts expect that AbbVie will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of hedge funds have recently added to or reduced their stakes in the stock. FF Advisors LLC increased its stake in AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after purchasing an additional 53 shares in the last quarter. Landaas & Co. WI ADV increased its stake in AbbVie by 1.1% in the second quarter. Landaas & Co. WI ADV now owns 4,955 shares of the company’s stock valued at $920,000 after purchasing an additional 53 shares in the last quarter. Bernardo Wealth Planning LLC increased its stake in AbbVie by 2.9% in the second quarter. Bernardo Wealth Planning LLC now owns 1,909 shares of the company’s stock valued at $354,000 after purchasing an additional 53 shares in the last quarter. Private Management Group Inc. increased its stake in AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after purchasing an additional 54 shares in the last quarter. Finally, LifeSteps Financial Inc. increased its stake in AbbVie by 0.7% in the second quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock valued at $1,366,000 after purchasing an additional 54 shares in the last quarter. Institutional investors and hedge funds 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.