AbbVie (NYSE:ABBV) Price Target Raised to $282.00

AbbVie (NYSE:ABBV) had its target price upped by Canaccord Genuity Group from $273.00 to $282.00 in a research note published on Wednesday morning, Marketbeat.com reports. The firm currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the stock. Bank of America increased their price target on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a report on Friday, July 10th. JPMorgan Chase & Co. increased their target price on AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Royal Bank Of Canada boosted their price target on AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Finally, DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.10.

AbbVie Trading Up 0.8%

ABBV stock opened at $259.10 on Wednesday. The firm has a market capitalization of $457.78 billion, a PE ratio of 127.64, a PEG ratio of 0.85 and a beta of 0.30. AbbVie has a 1-year low of $187.62 and a 1-year high of $261.64. The business’s 50 day simple moving average is $234.57 and its 200 day simple moving average is $222.86.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter last year, the firm posted $2.46 EPS. The company’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, sell-side analysts predict 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. Investors of record on Wednesday, July 15th will be given a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Institutional Investors Weigh In On AbbVie

A number of large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $5,865,055,000. Wellington Management Group LLP lifted its stake in AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after purchasing an additional 8,646,424 shares during the last quarter. Capital World Investors boosted its position in AbbVie by 106.3% in the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after buying an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. grew its stake in shares of AbbVie by 914.6% during the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie News Summary

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie is expected to report earnings next week, and several market write-ups highlight the stock as a potential winner if results or guidance beat expectations. Analysts also noted the shares may have room to rise if the company delivers on revenue and profit growth. AbbVie (ABBV) Earnings Expected to Grow: What to Know Ahead of Next Week’s Release
• Positive Sentiment: Canaccord Genuity reiterated a constructive view on AbbVie, with a report saying the stock price is expected to rise, which may be helping sentiment around the name. AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says
• Neutral Sentiment: AbbVie also announced progress on early-stage pipeline work for nacresertib and ABBV-313, but these updates are preliminary and are unlikely to move the stock as much as late-stage clinical data. AbbVie Advances Nacresertib With Key Drug–Drug Interaction Study AbbVie’s ABBV-313 Phase 1 Trial: What Early Safety Work Means for Investors
• Negative Sentiment: AbbVie and Genmab said the Phase 3 EPCORE DLBCL-1 trial for lymphoma drug epcoritamab missed its sole U.S. primary endpoint, a setback that could weigh on sentiment toward the company’s oncology pipeline. Genmab, AbbVie Say Lymphoma Drug Failed to Meet Primary Endpoint in Phase 3 Trial

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.