AbbVie (NYSE:ABBV) Given New $282.00 Price Target at Canaccord Genuity Group

AbbVie (NYSE:ABBV) had its price objective lifted by Canaccord Genuity Group from $273.00 to $282.00 in a report released on Wednesday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. raised their target price on AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Piper Sandler reissued an “overweight” rating and issued a $298.00 price objective on shares of AbbVie in a report on Tuesday, June 23rd. UBS Group boosted their price objective on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday, July 13th. Finally, Bank of America upped their price objective on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Stock Down 0.9%

AbbVie stock opened at $253.75 on Wednesday. The firm has a 50 day moving average price of $232.69 and a 200-day moving average price of $222.41. AbbVie has a twelve month low of $186.77 and a twelve month high of $261.64. The company has a market capitalization of $448.32 billion, a P/E ratio of 125.00, a P/E/G ratio of 0.85 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the previous year, the firm posted $2.46 EPS. AbbVie’s revenue was up 12.4% on a year-over-year basis. Equities analysts expect that AbbVie will post 14.18 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Institutional Trading of AbbVie

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Litman Gregory Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at about $28,000. Imprint Wealth LLC increased its holdings in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC purchased a new stake in AbbVie in the 4th quarter worth approximately $29,000. IFC & Insurance Marketing Inc. bought a new position in AbbVie in the 4th quarter valued at $31,000. Finally, Legacy Wealth Managment LLC ID boosted its holdings in AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 73 shares during the period. 70.23% of the stock is currently owned by institutional investors.

More AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Canaccord Genuity raised its price target on AbbVie to $282 from $273 and reiterated a buy rating, signaling confidence in further upside for AbbVie Inc. (ABBV). Benzinga report
• Positive Sentiment: AbbVie’s aesthetics business got a boost after Allergan Aesthetics received European Commission approval for Boey, expanding the company’s portfolio in Europe and potentially supporting future revenue growth. Yahoo Finance article
• Neutral Sentiment: Several recent articles characterized AbbVie as a strong buy-and-hold name and noted that the stock has recently outperformed the broader market, reinforcing a generally constructive long-term view. Yahoo Finance article
• Negative Sentiment: Investors are watching AbbVie’s Q2 oncology revenue closely, with analysts warning that weakness in Imbruvica may outweigh gains from Venclexta and newer cancer treatments, which could pressure results. Yahoo Finance article

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.