Barclays Increases AbbVie (NYSE:ABBV) Price Target to $200.00

AbbVie (NYSE:ABBV) had its price objective increased by Barclays from $187.00 to $200.00 in a research note released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

ABBV has been the topic of several other reports. Piper Sandler Companies reaffirmed an overweight rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. HSBC raised shares of AbbVie from a hold rating to a buy rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Piper Sandler reaffirmed an overweight rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. Morgan Stanley upped their price objective on shares of AbbVie from $191.00 to $196.00 and gave the company an overweight rating in a report on Thursday, July 11th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $200.00 price objective on shares of AbbVie in a report on Tuesday, July 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has an average rating of Moderate Buy and an average target price of $188.71.

AbbVie Stock Performance

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 company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The firm has a market cap of $321.26 billion, a price-to-earnings ratio of 53.99, a PEG ratio of 2.35 and a beta of 0.64. The company has a fifty day moving average price of $168.02 and a 200-day moving average price of $169.76.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.91 EPS. As a group, equities research analysts predict that AbbVie will post 10.79 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction 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 transaction, the chairman now directly 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 this link. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Precedent Wealth Partners LLC bought a new stake in AbbVie in the fourth quarter valued at $1,076,000. Chilton Capital Management LLC boosted its holdings in shares of AbbVie by 0.5% during the 4th quarter. Chilton Capital Management LLC now owns 14,676 shares of the company’s stock valued at $2,274,000 after buying an additional 73 shares in the last quarter. Symphony Financial Ltd. Co. boosted its holdings in shares of AbbVie by 125.6% during the 4th quarter. Symphony Financial Ltd. Co. now owns 13,133 shares of the company’s stock valued at $2,121,000 after buying an additional 7,311 shares in the last quarter. Fulcrum Equity Management boosted its holdings in shares of AbbVie by 2.6% during the 4th quarter. Fulcrum Equity Management now owns 4,912 shares of the company’s stock valued at $761,000 after buying an additional 124 shares in the last quarter. Finally, Compton Wealth Advisory Group LLC boosted its holdings in shares of AbbVie by 11.5% during the 4th quarter. Compton Wealth Advisory Group LLC now owns 11,156 shares of the company’s stock valued at $1,729,000 after buying an additional 1,155 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other 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.