AbbVie Inc. (NYSE:ABBV) Receives $208.35 Average Price Target from Brokerages

AbbVie Inc. (NYSE:ABBV) has been given an average rating of “Moderate Buy” by the twenty-four research firms that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $211.45.

Several research analysts recently issued reports on ABBV shares. Guggenheim upped their target price on shares of AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Piper Sandler Companies reiterated an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. Wells Fargo & Company upped their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday. Raymond James reiterated an “outperform” rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Finally, BMO Capital Markets upped their price target on shares of AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This represents a 62.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,439 shares of company stock valued at $11,377,057 over the last three months. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

A number of institutional investors and hedge funds have recently made changes to their positions in ABBV. Swedbank AB grew its holdings in shares of AbbVie by 0.3% during the third quarter. Swedbank AB now owns 2,147,126 shares of the company’s stock valued at $424,014,000 after buying an additional 6,810 shares during the last quarter. Howard Capital Management Group LLC grew its holdings in shares of AbbVie by 20.3% during the third quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock valued at $397,000 after buying an additional 339 shares during the last quarter. Private Management Group Inc. grew its holdings in shares of AbbVie by 6.5% during the third quarter. Private Management Group Inc. now owns 2,916 shares of the company’s stock valued at $576,000 after buying an additional 178 shares during the last quarter. Optas LLC grew its holdings in shares of AbbVie by 15.6% during the third quarter. Optas LLC now owns 4,515 shares of the company’s stock valued at $892,000 after buying an additional 610 shares during the last quarter. Finally, Carmichael Hill & Associates Inc. grew its holdings in shares of AbbVie by 1.1% during the third quarter. Carmichael Hill & Associates Inc. now owns 6,760 shares of the company’s stock valued at $1,335,000 after buying an additional 71 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.8 %

AbbVie stock opened at $214.55 on Monday. The stock has a market cap of $378.75 billion, a P/E ratio of 89.40, a PEG ratio of 1.62 and a beta of 0.58. AbbVie has a fifty-two week low of $153.58 and a fifty-two week high of $215.66. The firm’s fifty day moving average price is $187.63 and its 200-day moving average price is $187.59. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the prior year, the firm posted $2.79 earnings per share. Equities research analysts forecast that AbbVie will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Tuesday, April 15th. AbbVie’s payout ratio is currently 273.33%.

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.