AbbVie (NYSE:ABBV) Price Target Raised to $222.00 at Evercore ISI

AbbVie (NYSE:ABBV) had its target price raised by Evercore ISI from $207.00 to $222.00 in a research note issued to investors on Monday,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

A number of other research analysts have also recently commented on the company. Citigroup boosted their price objective on AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Cantor Fitzgerald boosted their price objective on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. boosted their price objective on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Finally, Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $223.45.

AbbVie Price Performance

Shares of AbbVie stock opened at $223.09 on Monday. AbbVie has a twelve month low of $163.81 and a twelve month high of $225.16. The stock has a market capitalization of $394.09 billion, a P/E ratio of 106.23, a PEG ratio of 1.33 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The business’s fifty day moving average price is $203.75 and its 200 day moving average price is $194.84.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. AbbVie’s revenue was up 6.6% compared to the same quarter last year. As a group, research analysts anticipate that AbbVie will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Institutional Trading of AbbVie

Several hedge funds and other institutional investors have recently bought and sold shares of ABBV. TD Capital Management LLC grew its holdings in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie during the second quarter valued at approximately $25,000. Evolution Wealth Management Inc. bought a new position in shares of AbbVie during the second quarter valued at approximately $26,000. Abound Financial LLC bought a new position in shares of AbbVie during the first quarter valued at approximately $30,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of AbbVie during the second quarter valued at approximately $28,000. 70.23% of the stock is owned by institutional investors.

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.