AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Piper Sandler Analyst Says

AbbVie (NYSE:ABBV) had its price objective increased by Piper Sandler from $212.00 to $220.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also weighed in on the stock. Guggenheim boosted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. BMO Capital Markets lowered their price target on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Finally, Truist Financial upped their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $205.70.

AbbVie Stock Down 0.9 %

ABBV stock opened at $171.52 on Tuesday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. AbbVie has a 1-year low of $151.29 and a 1-year high of $207.32. The firm has a fifty day moving average price of $182.94 and a two-hundred day moving average price of $183.24. The firm has a market cap of $303.10 billion, a price-to-earnings ratio of 59.56, a PEG ratio of 1.92 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results 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. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the firm earned $2.95 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts predict that AbbVie will post 10.96 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 issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.82%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 227.78%.

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of hedge funds have recently bought and sold shares of the company. Vicus Capital increased its holdings in AbbVie by 32.4% in the second quarter. Vicus Capital now owns 3,015 shares of the company’s stock worth $517,000 after buying an additional 738 shares during the last quarter. Joule Financial LLC increased its holdings in AbbVie by 7.6% in the second quarter. Joule Financial LLC now owns 1,831 shares of the company’s stock worth $314,000 after buying an additional 129 shares during the last quarter. 1620 Investment Advisors Inc. increased its holdings in AbbVie by 10.7% in the second quarter. 1620 Investment Advisors Inc. now owns 8,355 shares of the company’s stock worth $1,433,000 after buying an additional 809 shares during the last quarter. PSI Advisors LLC increased its holdings in AbbVie by 2.0% in the second quarter. PSI Advisors LLC now owns 3,903 shares of the company’s stock worth $669,000 after buying an additional 77 shares during the last quarter. Finally, GYL Financial Synergies LLC increased its holdings in AbbVie by 1.0% in the second quarter. GYL Financial Synergies LLC now owns 37,101 shares of the company’s stock worth $6,364,000 after buying an additional 359 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

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.