AbbVie (NYSE:ABBV) Price Target Raised to $338.00

AbbVie (NYSE:ABBV) had its price objective increased by Canaccord Genuity Group from $290.00 to $338.00 in a research report report published on Monday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.

ABBV has been the topic of a number of other research reports. Weiss Ratings raised AbbVie from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Argus boosted their price objective on AbbVie from $250.00 to $270.00 in a report on Tuesday, August 4th. Cantor Fitzgerald upped their price objective on AbbVie from $285.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, October 8th. Finally, HSBC upped their price objective on AbbVie from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $297.46.

AbbVie Trading Up 2.9%

ABBV stock opened at $294.15 on Monday. AbbVie has a 12 month low of $190.75 and a 12 month high of $298.74. The company has a 50-day moving average price of $270.80 and a 200 day moving average price of $238.28. The stock has a market cap of $519.71 billion, a PE ratio of 50.63, a P/E/G ratio of 1.30 and a beta of 0.20.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, beating the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion for the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a net margin of 15.67% and a negative return on equity of 435.41%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.86 EPS. Sell-side analysts forecast that AbbVie will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Investors of record on Friday, January 15th will be issued a $1.82 dividend. The ex-dividend date is Friday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. AbbVie’s dividend payout ratio is presently 125.30%.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares of the company’s stock, valued at $18,607,500. This represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Ranch Capital Advisors Inc. increased its stake in shares of AbbVie by 37.0% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock valued at $3,238,000 after purchasing an additional 4,017 shares in the last quarter. Capital Advisors Inc. OK raised its holdings in AbbVie by 11.2% in the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company’s stock worth $112,516,000 after purchasing an additional 45,132 shares during the period. Danica Pension Livsforsikringsaktieselskab purchased a new position in AbbVie during the second quarter worth approximately $23,557,000. Wedge Capital Management L L P NC boosted its position in AbbVie by 7.5% during the second quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company’s stock worth $33,865,000 after purchasing an additional 9,380 shares in the last quarter. Finally, State Street Corp grew its holdings in AbbVie by 1.7% in the second quarter. State Street Corp now owns 82,596,748 shares of the company’s stock valued at $20,784,646,000 after purchasing an additional 1,379,232 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Trending Headlines about AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie secured global rights to Nxera’s investigational oral IBD drug NXE0033744. The deal includes $100 million upfront, up to $1.37 billion in development and commercial milestones, and tiered royalties. The agreement could strengthen AbbVie’s future immunology pipeline, but milestone payments depend on development and commercial progress. Nxera licensing agreement
• Positive Sentiment: Several analysts raised their AbbVie price targets, adding to a favorable near-term outlook. Morgan Stanley price target update
• Positive Sentiment: AbbVie expanded its Oxford research facility as part of an investment exceeding £120 million, supporting longer-term research in immunology, neurology and oncology. Reuters report on Oxford R&D expansion
• Neutral Sentiment: Updated full-year revenue guidance of $67.8 billion is slightly above consensus, while projected EPS of $13.95–$13.99 is broadly in line. Fourth-quarter revenue guidance also edged above expectations, but EPS guidance of $3.83–$3.87 is below the $3.89 consensus. AbbVie outlook and valuation
• Negative Sentiment: AbbVie discontinued a Phase 2 solid-tumor drug program after seeing “limited benefit,” a setback for that part of its pipeline. Report on discontinued drug program

AbbVie Company Profile

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.