AbbVie (NYSE:ABBV) Price Target Cut to $187.00 by Analysts at Barclays

AbbVie (NYSE:ABBV) had its target price cut by Barclays from $195.00 to $187.00 in a research report report published on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently issued reports on the stock. William Blair raised shares of AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a research report on Monday. Raymond James upped their price target on AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a research report on Monday, February 5th. Truist Financial raised their price objective on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a research report on Tuesday, February 6th. Finally, Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the company a buy rating in a report on Friday, March 22nd. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $174.31.

AbbVie Trading Up 1.2 %

NYSE ABBV opened at $161.52 on Monday. The company has a market cap of $286.00 billion, a price-to-earnings ratio of 47.93, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. AbbVie has a twelve month low of $130.96 and a twelve month high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The business’s fifty day moving average is $174.27 and its 200 day moving average is $161.00.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the firm posted $2.46 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie will post 11.19 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Friday, April 12th. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other news, CFO Scott T. Reents sold 14,140 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the transaction, the chief financial officer now owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now owns 27,065 shares in the company, valued at $4,802,413.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Richard A. Gonzalez sold 138,616 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 383,324 shares of company stock valued at $67,780,003. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently made changes to their positions in ABBV. Vanguard Group Inc. raised its stake in shares of AbbVie by 0.9% in the third quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after purchasing an additional 1,450,089 shares during the last quarter. Capital International Investors grew its holdings in AbbVie by 6.0% during the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares in the last quarter. Morgan Stanley raised its position in AbbVie by 2.9% in the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock valued at $4,796,085,000 after buying an additional 914,485 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in AbbVie by 2.3% during the 3rd quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock worth $3,269,822,000 after acquiring an additional 491,391 shares during the last quarter. Institutional investors and hedge funds 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.