AbbVie (NYSE:ABBV) Given New $215.00 Price Target at Citigroup

AbbVie (NYSE:ABBV) had its price target decreased by Citigroup from $226.00 to $215.00 in a research note released on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

ABBV has been the topic of a number of other reports. Morgan Stanley decreased their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research note on Tuesday. Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Bank of America upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Guggenheim raised their price target on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $204.06.

AbbVie Price Performance

NYSE:ABBV opened at $171.10 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie has a 52 week low of $136.30 and a 52 week high of $207.32. The stock’s 50-day moving average price is $194.14 and its 200-day moving average price is $180.83. The stock has a market capitalization of $302.36 billion, a PE ratio of 59.41, a price-to-earnings-growth ratio of 2.44 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 earnings per share. As a group, equities analysts expect that AbbVie will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.83%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is 227.78%.

Institutional Investors Weigh In On AbbVie

Institutional investors and hedge funds have recently modified their holdings of the company. First Hawaiian Bank boosted its stake in shares of AbbVie by 9.0% in the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares during the period. PGGM Investments grew its stake in shares of AbbVie by 308.1% in the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of AbbVie by 8.3% during the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company’s stock worth $15,377,000 after acquiring an additional 5,993 shares during the period. Tyler Stone Wealth Management raised its stake in shares of AbbVie by 131.9% in the third quarter. Tyler Stone Wealth Management now owns 4,469 shares of the company’s stock valued at $883,000 after acquiring an additional 2,542 shares in the last quarter. Finally, Foresight Capital Management Advisors Inc. purchased a new position in AbbVie in the second quarter valued at $1,349,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Company Profile

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.