Bank of America Raises AbbVie (NYSE:ABBV) Price Target to $195.00

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

A number of other equities research analysts also recently weighed in on the company. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Barclays increased their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Truist Financial raised their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Four 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $198.47.

AbbVie Trading Up 0.2 %

NYSE:ABBV opened at $188.87 on Friday. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95. 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 firm’s fifty day moving average is $194.44 and its 200-day moving average is $177.76. The firm has a market cap of $333.52 billion, a P/E ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating 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 business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the firm posted $2.91 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts expect that AbbVie will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given 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 3.28%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction 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 transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ABBV. Narus Financial Partners LLC grew its position in AbbVie by 8.4% in the 3rd quarter. Narus Financial Partners LLC now owns 2,408 shares of the company’s stock worth $476,000 after purchasing an additional 187 shares in the last quarter. McClarren Financial Advisors Inc. boosted its stake in shares of AbbVie by 106.1% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 707 shares of the company’s stock worth $140,000 after buying an additional 364 shares during the last quarter. Vest Financial LLC grew its holdings in shares of AbbVie by 9.4% in the third quarter. Vest Financial LLC now owns 286,280 shares of the company’s stock valued at $56,535,000 after acquiring an additional 24,610 shares in the last quarter. Buckley Wealth Management LLC increased its position in shares of AbbVie by 0.9% during the third quarter. Buckley Wealth Management LLC now owns 16,502 shares of the company’s stock valued at $3,259,000 after acquiring an additional 148 shares during the last quarter. Finally, West Branch Capital LLC lifted its holdings in AbbVie by 0.9% during the third quarter. West Branch Capital LLC now owns 29,621 shares of the company’s stock worth $5,850,000 after acquiring an additional 252 shares during the period. 70.23% of the stock is owned by institutional investors.

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.