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

AbbVie (NYSE:ABBV) had its price target boosted by Guggenheim from $212.00 to $221.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued research reports about the company. UBS Group boosted their price objective on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Bank of America lifted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $205.82.

AbbVie Trading Down 0.5 %

Shares of NYSE ABBV opened at $199.50 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock’s 50 day moving average price is $194.58 and its two-hundred day moving average price is $180.61. AbbVie has a 52-week low of $135.85 and a 52-week high of $207.32. The stock has a market capitalization of $352.54 billion, a P/E ratio of 69.27, a PEG ratio of 2.46 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.95 EPS. On average, analysts anticipate that AbbVie will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.29%. AbbVie’s dividend payout ratio is currently 215.28%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the second quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the second quarter worth about $27,000. Marquette Asset Management LLC purchased a new position in shares of AbbVie in the third quarter worth approximately $39,000. Mizuho Securities Co. Ltd. raised its holdings in shares of AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after acquiring an additional 100 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of AbbVie during the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.