AbbVie (NYSE:ABBV) Sets New 1-Year High – What’s Next?

AbbVie Inc. (NYSE:ABBV) hit a new 52-week high on Thursday. The company traded as high as $298.97 and last traded at $300.10, with a volume of 375,467 shares traded. The stock had previously closed at $294.83.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Q3 results and higher guidance: AbbVie reported $17.4 billion in revenue, up 10.3% year over year, and adjusted EPS of $3.82, topping estimates. It also raised full-year adjusted earnings guidance, reinforcing expectations for continued growth. Article: AbbVie (ABBV) Stock Climbs As Q3 Earnings Fuel Growth Case
• Positive Sentiment: IBD pipeline expansion: AbbVie secured global rights to Nxera Pharma’s experimental oral EP4 receptor agonist, NXE0033744. The deal includes $100 million upfront, up to $1.37 billion in development and commercial milestones, and royalties. The candidate could complement existing IBD treatments, although it is still under development. Article: AbbVie pens $1.4B deal for deprioritized IBD drug from Nxera
• Positive Sentiment: Analyst support: Several reports said analysts raised price targets or expressed optimism about ABBV, adding to the positive reaction to earnings. Article: AbbVie stock gets price target bump from Morgan Stanley
• Neutral Sentiment: Oxford R&D investment: AbbVie expanded its Oxford research facility as part of an investment exceeding £120 million. The site will work on immunology, neurology and oncology treatments—supportive of research capacity, but with benefits likely to emerge over time. Article: AbbVie expands Oxford R&D facility
• Negative Sentiment: Oncology setback: AbbVie stopped a Phase 2 solid-tumor drug program after finding limited benefit, a setback for that part of its pipeline. Article: AbbVie abandons Phase 2 solid tumor drug

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ABBV. Leerink Partners increased their price target on AbbVie from $309.00 to $342.00 and gave the stock an “outperform” rating in a report on Monday. Citigroup lifted their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Scotiabank increased their target price on AbbVie from $280.00 to $320.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. Bank of America reaffirmed a “buy” rating on shares of AbbVie in a research report on Tuesday, September 8th. Finally, Oppenheimer upped their target price on shares of AbbVie from $244.00 to $258.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $297.46.

AbbVie Price Performance

The stock has a fifty day simple moving average of $270.80 and a 200-day simple moving average of $238.28. The company has a market capitalization of $528.51 billion, a price-to-earnings ratio of 51.48, a P/E/G ratio of 1.30 and a beta of 0.20.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.73 by $0.09. AbbVie had a net margin of 15.67% and a negative return on equity of 435.41%. The business had revenue of $17.40 billion for the quarter, compared to analyst estimates of $17.32 billion. During the same quarter last year, the business earned $1.86 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 13.99 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, January 15th. This represents a $7.28 dividend on an annualized basis and a yield of 2.4%. This is a boost from AbbVie’s previous quarterly dividend of $1.73. AbbVie’s dividend payout ratio is presently 125.30%.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the sale, the executive vice president owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On AbbVie

A number of large investors have recently modified their holdings of the company. Cornerstone Wealth Management LLC grew its holdings in AbbVie by 10.5% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 16,150 shares of the company’s stock worth $4,225,000 after acquiring an additional 1,532 shares in the last quarter. Csenge Advisory Group raised its position in AbbVie by 1.1% in the third quarter. Csenge Advisory Group now owns 25,426 shares of the company’s stock valued at $6,651,000 after purchasing an additional 268 shares during the period. D.B. Root & Company LLC raised its holdings in AbbVie by 6.2% in the third quarter. D.B. Root & Company LLC now owns 1,499 shares of the company’s stock valued at $392,000 after acquiring an additional 88 shares in the last quarter. D Orazio & Associates Inc. increased its holdings in shares of AbbVie by 19.1% in the 3rd quarter. D Orazio & Associates Inc. now owns 6,567 shares of the company’s stock valued at $1,718,000 after acquiring an additional 1,053 shares during the last quarter. Finally, Blue Water Asset Management bought a new stake in AbbVie during the third quarter valued at $213,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Company Profile

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.