AbbVie (NYSE:ABBV) Given New $245.00 Price Target at Cantor Fitzgerald

by · The Cerbat Gem

AbbVie (NYSE:ABBV – Free Report) had its price target lifted by Cantor Fitzgerald from $215.00 to $245.00 in a report published on Monday morning, MarketBeat.com reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently issued reports on ABBV. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research report on Thursday, August 7th. Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Finally, Citigroup boosted their price target on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $222.68.

View Our Latest Report on AbbVie

AbbVie Stock Performance

ABBV opened at $220.16 on Monday. The stock has a market cap of $388.93 billion, a PE ratio of 104.84, a P/E/G ratio of 1.39 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie has a 1 year low of $163.81 and a 1 year high of $221.76. The stock’s 50 day simple moving average is $201.98 and its 200-day simple moving average is $194.84.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.65 earnings per share. Sell-side analysts forecast that AbbVie will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is 312.38%.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

Large investors have recently modified their holdings of the business. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC boosted its position in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the period. Siemens Fonds Invest GmbH boosted its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares during the period. Triglav Skladi D.O.O. acquired a new position in shares of AbbVie during the fourth quarter worth about $6,703,000. Finally, Visionary Wealth Advisors boosted its position in shares of AbbVie by 2.1% during the fourth quarter. Visionary Wealth Advisors now owns 57,722 shares of the company’s stock worth $10,257,000 after buying an additional 1,196 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Company Profile

(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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