AbbVie (NYSE:ABBV) Price Target Lowered to $208.00 at BMO Capital Markets

AbbVie (NYSE:ABBV) had its price target trimmed by BMO Capital Markets from $228.00 to $208.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research analysts have also recently commented on ABBV. Truist Financial boosted their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Barclays upped their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Morgan Stanley dropped their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research note on Tuesday. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Bank of America lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

AbbVie Stock Down 2.8 %

Shares of NYSE:ABBV opened at $164.91 on Tuesday. The stock has a 50-day simple moving average of $192.62 and a 200-day simple moving average of $180.76. The stock has a market capitalization of $291.42 billion, a P/E ratio of 57.89, a PEG ratio of 2.07 and a beta of 0.63. AbbVie has a 1 year low of $137.05 and a 1 year high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

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

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after purchasing an additional 4,471,806 shares during the last quarter. Capital World Investors boosted its position in AbbVie by 249.1% during the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after purchasing an additional 3,120,310 shares during the period. Capital International Investors grew its stake in AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares during the last quarter. Finally, Swedbank AB acquired a new stake in AbbVie in the first quarter worth $367,372,000. 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.