AbbVie (NYSE:ABBV) Coverage Initiated by Analysts at Royal Bank of Canada

Royal Bank of Canada began coverage on shares of AbbVie (NYSE:ABBV) in a report published on Wednesday morning. The brokerage issued a $135.00 price target on the stock.

Several other brokerages have also commented on ABBV. Zacks Investment Research raised shares of AbbVie from a hold rating to a buy rating and set a $114.00 price target for the company in a research report on Tuesday, February 9th. Morgan Stanley dropped their price objective on AbbVie from $120.00 to $116.00 and set an overweight rating for the company in a report on Thursday, January 28th. SVB Leerink lifted their target price on AbbVie from $140.00 to $144.00 and gave the company an outperform rating in a report on Tuesday, March 30th. Finally, Mizuho upped their price target on AbbVie from $117.00 to $126.00 and gave the stock a buy rating in a research note on Thursday, February 4th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have issued a buy rating to the stock. AbbVie currently has a consensus rating of Buy and a consensus target price of $115.65.

Shares of NYSE:ABBV opened at $105.21 on Wednesday. The company has a market cap of $185.68 billion, a P/E ratio of 22.24, a P/E/G ratio of 1.54 and a beta of 0.84. The business has a fifty day simple moving average of $106.59 and a 200-day simple moving average of $100.97. AbbVie has a 52 week low of $74.78 and a 52 week high of $113.41. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 5.38.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Tuesday, February 2nd. The company reported $2.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.07. The firm had revenue of $13.86 billion for the quarter, compared to analyst estimates of $13.70 billion. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The firm’s quarterly revenue was up 59.2% on a year-over-year basis. During the same period last year, the company earned $2.21 EPS. Sell-side analysts expect that AbbVie will post 10.48 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Thursday, April 15th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Wednesday, April 14th. AbbVie’s dividend payout ratio (DPR) is currently 58.17%.

In other AbbVie news, EVP Timothy J. Richmond sold 19,514 shares of the stock in a transaction on Monday, March 1st. The shares were sold at an average price of $108.59, for a total transaction of $2,119,025.26. Following the sale, the executive vice president now directly owns 19,514 shares of the company’s stock, valued at $2,119,025.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard A. Gonzalez sold 170,113 shares of the firm’s stock in a transaction dated Monday, March 1st. The stock was sold at an average price of $108.61, for a total transaction of $18,475,972.93. Following the completion of the transaction, the chief executive officer now owns 450,981 shares in the company, valued at $48,981,046.41. The disclosure for this sale can be found here. Insiders sold 198,067 shares of company stock worth $21,511,667 over the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Briaud Financial Planning Inc acquired a new position in shares of AbbVie during the fourth quarter valued at $227,000. Joseph P. Lucia & Associates LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $29,000. Alpha DNA Investment Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth approximately $33,000. McClarren Financial Advisors Inc. bought a new position in AbbVie in the 4th quarter worth approximately $38,000. Finally, JJJ Advisors Inc. raised its stake in AbbVie by 260.8% during the 4th quarter. JJJ Advisors Inc. now owns 368 shares of the company’s stock valued at $39,000 after acquiring an additional 266 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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