AbbVie (NYSE:ABBV) Price Target Increased to $220.00 by Analysts at BMO Capital Markets

AbbVie (NYSE:ABBV) had its target price hoisted by BMO Capital Markets from $214.00 to $220.00 in a research note issued to investors on Thursday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

ABBV has been the subject of several other reports. Morgan Stanley lifted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Sanford C. Bernstein initiated coverage on AbbVie in a research report on Thursday. They set a “market perform” rating and a $203.00 price objective for the company. Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, TD Cowen upped their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.69.

AbbVie Price Performance

ABBV stock opened at $188.57 on Thursday. The business’s 50-day moving average is $194.46 and its two-hundred day moving average is $177.70. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market capitalization of $332.99 billion, a P/E ratio of 55.96, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the firm earned $2.91 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts anticipate that AbbVie will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the 2nd quarter worth approximately $27,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie in the first quarter valued at approximately $37,000. Finally, Marquette Asset Management LLC acquired a new position in AbbVie during the third quarter worth $39,000. Hedge funds and other institutional investors 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.