Investment Analysts’ Weekly Ratings Updates for AbbVie (ABBV)

Posted by Lorenzo Tanos on Oct 24th, 2024

A number of firms have modified their ratings and price targets on shares of AbbVie (NYSE: ABBV) recently:

10/18/2024 – AbbVie had its price target raised by analysts at Bank of America Co. from $185.00 to $195.00. They now have a “neutral” rating on the stock.
10/17/2024 – AbbVie had its price target raised by analysts at BMO Capital Markets from $214.00 to $220.00. They now have an “outperform” rating on the stock.
10/17/2024 – AbbVie is now covered by analysts at Sanford C. Bernstein. They set a “market perform” rating and a $203.00 price target on the stock.
10/10/2024 – AbbVie had its price target raised by analysts at Truist Financial Co. from $210.00 to $215.00. They now have a “buy” rating on the stock.
10/9/2024 – AbbVie had its price target raised by analysts at UBS Group AG from $185.00 to $195.00. They now have a “neutral” rating on the stock.
10/7/2024 – AbbVie had its price target raised by analysts at Barclays PLC from $200.00 to $212.00. They now have an “overweight” rating on the stock.
10/7/2024 – AbbVie had its price target raised by analysts at TD Cowen from $195.00 to $225.00. They now have a “buy” rating on the stock.
8/30/2024 – AbbVie was upgraded by analysts at William Blair to a “strong-buy” rating.

AbbVie Stock Up 1.2 %

ABBV stock traded up $2.31 during trading on Thursday, hitting $190.19. 4,263,149 shares of the company’s stock were exchanged, compared to its average volume of 5,282,048. The business has a 50-day moving average price of $194.22 and a two-hundred day moving average price of $178.08. The stock has a market capitalization of $335.85 billion, a price-to-earnings ratio of 56.44, a PEG ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $14.02 billion. During the same period in the prior year, the firm posted $2.91 EPS. The company’s revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.26%. AbbVie’s payout ratio is currently 183.98%.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AbbVie

Several large investors have recently made changes to their positions in the business. FCG Investment Co acquired a new stake in shares of AbbVie in the first quarter valued at $1,413,000. BluePath Capital Management LLC raised its stake in AbbVie by 0.9% in the 1st quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after purchasing an additional 67 shares in the last quarter. Palisade Asset Management LLC boosted its position in shares of AbbVie by 65.6% during the 1st quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock worth $17,726,000 after acquiring an additional 38,562 shares in the last quarter. First Hawaiian Bank boosted its stake in shares of AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares in the last quarter. Finally, PGGM Investments grew its holdings in shares of AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after purchasing an additional 24,756 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.