AbbVie (NYSE:ABBV) Stock Price Up 1.1% on Analyst Upgrade

AbbVie Inc. (NYSE:ABBVGet Free Report)’s share price was up 1.1% during trading on Monday after Citigroup raised their price target on the stock from $170.00 to $215.00. Citigroup currently has a buy rating on the stock. AbbVie traded as high as $189.92 and last traded at $189.90. Approximately 575,300 shares were traded during trading, a decline of 89% from the average daily volume of 5,265,257 shares. The stock had previously closed at $187.85.

A number of other research analysts also recently commented on ABBV. BMO Capital Markets raised their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Sanford C. Bernstein began coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target on the stock. Barclays increased their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Truist Financial boosted their target price 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. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $199.39.

View Our Latest Stock Analysis on AbbVie

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fairway Wealth LLC acquired a new position in AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the 2nd quarter valued at about $27,000. Marquette Asset Management LLC acquired a new stake in AbbVie in the 3rd quarter worth about $39,000. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the first quarter valued at approximately $37,000. Finally, Quest Partners LLC lifted its position in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The stock has a market capitalization of $334.93 billion, a price-to-earnings ratio of 56.28, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The stock has a 50 day moving average price of $193.88 and a 200-day moving average price of $178.56.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

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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