Cantor Fitzgerald Reiterates “Overweight” Rating for AbbVie (NYSE:ABBV)

Cantor Fitzgerald reiterated their overweight rating on shares of AbbVie (NYSE:ABBV) in a research note released on Friday, Benzinga reports. Cantor Fitzgerald currently has a $200.00 price target on the stock.

ABBV has been the subject of a number of other reports. Piper Sandler reissued an overweight rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. BMO Capital Markets lifted their target price on shares of AbbVie from $180.00 to $214.00 and gave the stock an outperform rating in a report on Friday, July 19th. Wells Fargo & Company lifted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an overweight rating in a report on Friday. Barclays lifted their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an overweight rating in a report on Friday. Finally, Piper Sandler Companies reaffirmed an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbbVie currently has a consensus rating of Moderate Buy and an average target price of $188.71.

AbbVie Trading Down 1.7 %

Shares of NYSE ABBV opened at $181.93 on Friday. AbbVie has a 1 year low of $135.85 and a 1 year high of $186.85. The stock has a market cap of $321.26 billion, a P/E ratio of 53.99, a price-to-earnings-growth ratio of 2.35 and a beta of 0.64. The firm has a 50-day moving average of $168.02 and a 200 day moving average of $169.76. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (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 186.82%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the company posted $2.91 EPS. AbbVie’s revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie will post 10.79 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.41%. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

Several large investors have recently added to or reduced their stakes in ABBV. Capital Advisors Ltd. LLC lifted its holdings in shares of AbbVie by 1.3% in the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after buying an additional 55 shares in the last quarter. Lokken Investment Group LLC lifted its holdings in shares of AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares in the last quarter. Arcadia Investment Management Corp MI lifted its holdings in shares of AbbVie by 0.6% in the first quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after buying an additional 59 shares in the last quarter. L. Roy Papp & Associates LLP lifted its holdings in shares of AbbVie by 0.8% in the second quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock worth $1,354,000 after buying an additional 60 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of AbbVie by 1.5% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 4,001 shares of the company’s stock worth $686,000 after buying an additional 60 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

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.