BMO Capital Markets Increases AbbVie (NYSE:ABBV) Price Target to $214.00

AbbVie (NYSE:ABBV) had its target price upped by BMO Capital Markets from $180.00 to $214.00 in a research note published on Friday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on ABBV. Piper Sandler restated an overweight rating and set a $190.00 price objective on shares of AbbVie in a research report on Tuesday, July 2nd. Cantor Fitzgerald restated an overweight rating and set a $200.00 price target on shares of AbbVie in a report on Tuesday, July 9th. Barclays decreased their price objective on AbbVie from $195.00 to $187.00 and set an overweight rating on the stock in a report on Monday, April 29th. Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a buy rating in a report on Friday, March 22nd. Finally, Piper Sandler Companies restated an overweight rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of Moderate Buy and a consensus target price of $185.31.

AbbVie Stock Up 0.7 %

NYSE ABBV opened at $172.32 on Friday. AbbVie has a 12 month low of $135.85 and a 12 month high of $182.89. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The stock has a market cap of $304.29 billion, a PE ratio of 51.13, a P/E/G ratio of 2.23 and a beta of 0.64. The stock’s 50 day moving average is $166.21 and its 200 day moving average is $169.08.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter last year, the business posted $2.46 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts predict that AbbVie will post 10.76 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.60%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated 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 owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. BKM Wealth Management LLC bought a new stake in AbbVie during the fourth quarter valued at about $234,000. Cedar Brook Financial Partners LLC boosted its holdings in shares of AbbVie by 3.6% in the 4th quarter. Cedar Brook Financial Partners LLC now owns 3,438 shares of the company’s stock valued at $563,000 after buying an additional 119 shares in the last quarter. Rockline Wealth Management LLC purchased a new position in shares of AbbVie in the 4th quarter worth approximately $4,386,000. Adams Asset Advisors LLC raised its stake in shares of AbbVie by 1.7% during the 4th quarter. Adams Asset Advisors LLC now owns 72,171 shares of the company’s stock worth $11,184,000 after acquiring an additional 1,229 shares in the last quarter. Finally, CGC Financial Services LLC lifted its position in AbbVie by 35.8% during the fourth quarter. CGC Financial Services LLC now owns 854 shares of the company’s stock valued at $132,000 after acquiring an additional 225 shares during the last quarter. 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.