Barclays Boosts AbbVie (NYSE:ABBV) Price Target to $200.00

AbbVie (NYSE:ABBV) had its target price hoisted by Barclays from $187.00 to $200.00 in a research report report published on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other analysts have also weighed in on the company. Piper Sandler restated an overweight rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Piper Sandler Companies restated an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an overweight rating and set a $200.00 price target on shares of AbbVie in a research note on Tuesday, July 9th. Morgan Stanley increased their price objective on shares of AbbVie from $191.00 to $196.00 and gave the stock an overweight rating in a research report on Thursday, July 11th. Finally, HSBC upgraded AbbVie from a hold rating to a buy rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $188.71.

AbbVie Price Performance

ABBV stock opened at $185.16 on Friday. The company has a fifty day simple moving average of $167.68 and a two-hundred day simple moving average of $169.63. AbbVie has a 52 week low of $135.85 and a 52 week high of $186.85. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The firm has a market capitalization of $326.97 billion, a P/E ratio of 54.94, a price-to-earnings-growth ratio of 2.35 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the business posted $2.91 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. Analysts anticipate that AbbVie will post 10.79 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.35%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently added to or reduced their stakes in ABBV. OmniStar Financial Group Inc. raised its holdings in AbbVie by 3.9% in the second quarter. OmniStar Financial Group Inc. now owns 13,790 shares of the company’s stock worth $2,365,000 after purchasing an additional 516 shares in the last quarter. HB Wealth Management LLC raised its stake in shares of AbbVie by 6.3% during the 2nd quarter. HB Wealth Management LLC now owns 93,783 shares of the company’s stock worth $16,086,000 after acquiring an additional 5,534 shares in the last quarter. Strategic Blueprint LLC lifted its position in AbbVie by 1.8% during the second quarter. Strategic Blueprint LLC now owns 11,336 shares of the company’s stock valued at $1,944,000 after acquiring an additional 200 shares during the last quarter. Valley Brook Capital Group Inc. boosted its stake in AbbVie by 0.4% in the second quarter. Valley Brook Capital Group Inc. now owns 22,845 shares of the company’s stock valued at $3,918,000 after acquiring an additional 96 shares in the last quarter. Finally, Fort Pitt Capital Group LLC grew its holdings in AbbVie by 2.9% in the second quarter. Fort Pitt Capital Group LLC now owns 4,670 shares of the company’s stock worth $801,000 after purchasing an additional 130 shares during the last quarter. 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.