AbbVie (NYSE:ABBV) Price Target Raised to $195.00

AbbVie (NYSE:ABBV) had its target price lifted by Wells Fargo & Company to $195.00 in a research report sent to investors on Tuesday morning,Stock Target Advisor reports. Wells Fargo & Company currently has a buy rating on the stock.

Several other brokerages have also recently commented on ABBV. Guggenheim boosted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Bank of America boosted their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $203.37.

AbbVie Stock Performance

NYSE ABBV opened at $172.18 on Tuesday. The company has a market capitalization of $304.27 billion, a price-to-earnings ratio of 59.78, a PEG ratio of 2.03 and a beta of 0.63. AbbVie has a twelve month low of $137.65 and a twelve month high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock has a fifty day simple moving average of $189.81 and a 200 day simple moving average of $180.95.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the business posted $2.95 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts expect that AbbVie will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.81%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 215.28%.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC raised its stake in AbbVie by 1,745.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after acquiring an additional 4,471,806 shares during the last quarter. Capital World Investors increased its stake in AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after buying an additional 3,120,310 shares during the period. Capital International Investors boosted its holdings in shares of AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. Swedbank AB acquired a new position in shares of AbbVie during the first quarter worth about $367,372,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in AbbVie by 13.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,744,190 shares of the company’s stock worth $1,956,518,000 after purchasing an additional 1,291,201 shares in the last quarter. Hedge funds and other institutional investors 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.