JPMorgan Chase & Co. Issues Pessimistic Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its target price reduced by JPMorgan Chase & Co. from $210.00 to $200.00 in a research report report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. BMO Capital Markets lowered their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research note on Tuesday. Bank of America upped their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Finally, Wells Fargo & Company upped 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, July 26th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $203.83.

AbbVie Stock Performance

Shares of AbbVie stock opened at $170.46 on Wednesday. The firm has a market capitalization of $301.23 billion, a P/E ratio of 59.19, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The business’s fifty day simple moving average is $193.61 and its 200 day simple moving average is $180.91. AbbVie has a 12 month low of $136.30 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. During the same period in the prior year, the firm earned $2.95 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that AbbVie will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Hedge Funds Weigh In On AbbVie

A number of large investors have recently added to or reduced their stakes in ABBV. Providence Capital Advisors LLC increased its stake in AbbVie by 0.7% in the 3rd quarter. Providence Capital Advisors LLC now owns 16,219 shares of the company’s stock worth $3,203,000 after purchasing an additional 118 shares during the period. BBR Partners LLC grew its holdings in shares of AbbVie by 12.0% in the third quarter. BBR Partners LLC now owns 61,465 shares of the company’s stock worth $12,138,000 after purchasing an additional 6,578 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of AbbVie in the third quarter worth $28,000. CreativeOne Wealth LLC raised its holdings in AbbVie by 30.2% during the 3rd quarter. CreativeOne Wealth LLC now owns 37,526 shares of the company’s stock valued at $7,411,000 after buying an additional 8,706 shares during the last quarter. Finally, Blueshift Asset Management LLC boosted its position in AbbVie by 12.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 6,789 shares of the company’s stock valued at $1,341,000 after buying an additional 738 shares during the period. 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.