AbbVie (NYSE:ABBV) Given New $205.00 Price Target at Wells Fargo & Company

AbbVie (NYSE:ABBV) had its price target boosted by Wells Fargo & Company from $200.00 to $205.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an overweight rating on the stock.

ABBV has been the subject of a number of other research reports. Barclays upped their price objective on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday. Truist Financial reiterated a buy rating and issued a $210.00 price target (up from $195.00) on shares of AbbVie in a research report on Friday. Cantor Fitzgerald restated an overweight rating and set a $200.00 price objective on shares of AbbVie in a report on Tuesday, July 9th. Piper Sandler reaffirmed an overweight rating and issued a $190.00 target price on shares of AbbVie in a research note on Tuesday, July 2nd. Finally, Morgan Stanley lifted their price target on shares of AbbVie from $191.00 to $196.00 and gave the stock an overweight rating in a research report on Thursday, July 11th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of Moderate Buy and an average price target of $188.71.

AbbVie Price Performance

Shares of ABBV stock opened at $181.93 on Friday. 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. AbbVie has a 12 month low of $135.85 and a 12 month high of $186.85. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The stock has a 50-day moving average price of $168.02 and a 200 day moving average price of $169.76.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the company earned $2.91 EPS. AbbVie’s revenue was up 4.3% on a year-over-year basis. Research analysts expect that AbbVie will post 10.79 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.41%. AbbVie’s payout ratio is presently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by insiders.

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently bought and sold shares of ABBV. Norges Bank acquired a new position in shares of AbbVie during the 4th quarter worth about $3,229,888,000. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 9,978,415 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of AbbVie during the 4th quarter worth approximately $499,955,000. Capital World Investors increased its holdings in shares of AbbVie by 249.1% during the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after acquiring an additional 3,120,310 shares during the last quarter. Finally, Capital International Investors increased its holdings in shares of 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 acquiring an additional 3,110,601 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

About AbbVie

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.