AbbVie (NYSE:ABBV) Stock Price Up 0.1% Following Analyst Upgrade

by · The Cerbat Gem

AbbVie Inc. (NYSE:ABBV – Get Free Report)’s share price rose 0.1% during trading on Wednesday after Wells Fargo & Company raised their price target on the stock to $195.00. Wells Fargo & Company currently has a buy rating on the stock. AbbVie traded as high as $167.20 and last traded at $166.66. Approximately 758,224 shares traded hands during trading, a decline of 86% from the average daily volume of 5,460,177 shares. The stock had previously closed at $166.57.

ABBV has been the topic of a number of other reports. Barclays upped their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Sanford C. Bernstein initiated coverage on AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. TD Cowen upped their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley cut their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $203.37.

Get Our Latest Stock Report on AbbVie

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ABBV. Second Line Capital LLC bought a new position in shares of AbbVie in the third quarter worth $379,000. TCW Group Inc. grew its stake in shares of AbbVie by 0.5% in the third quarter. TCW Group Inc. now owns 403,638 shares of the company’s stock worth $79,710,000 after purchasing an additional 2,199 shares in the last quarter. Hohimer Wealth Management LLC grew its stake in shares of AbbVie by 12.6% in the third quarter. Hohimer Wealth Management LLC now owns 1,432 shares of the company’s stock worth $283,000 after purchasing an additional 160 shares in the last quarter. Fortem Financial Group LLC grew its stake in shares of AbbVie by 19.1% in the third quarter. Fortem Financial Group LLC now owns 8,509 shares of the company’s stock worth $1,680,000 after purchasing an additional 1,362 shares in the last quarter. Finally, Arete Wealth Advisors LLC bought a new position in shares of AbbVie in the third quarter worth $4,888,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

The company has a market cap of $294.55 billion, a P/E ratio of 57.87, a PEG ratio of 2.01 and a beta of 0.63. The company has a 50 day moving average price of $190.79 and a 200-day moving average price of $181.10. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.95 earnings per share. Equities analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.94%. AbbVie’s dividend payout ratio is 215.28%.

About AbbVie

(Get Free Report)

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.

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