AbbVie (NYSE:ABBV) Given New $280.00 Price Target at Royal Bank Of Canada

AbbVie (NYSE:ABBV) had its price target increased by Royal Bank Of Canada from $260.00 to $280.00 in a research report sent to investors on Friday morning, MarketBeat Ratings reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Several other equities research analysts have also issued reports on ABBV. Wells Fargo & Company lifted their price target on AbbVie from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Friday. Cantor Fitzgerald raised their price objective on shares of AbbVie from $240.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $262.81.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $1.91 during mid-day trading on Friday, reaching $248.00. The company had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. AbbVie has a twelve month low of $184.63 and a twelve month high of $261.64. The stock’s 50 day moving average is $225.42 and its 200-day moving average is $221.25. The stock has a market capitalization of $438.17 billion, a PE ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie will post 14.39 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a $1.73 dividend. This represents a $6.92 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie’s payout ratio is 340.89%.

Institutional Investors Weigh In On AbbVie

Large investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after buying an additional 3,064 shares during the last quarter. Schnieders Capital Management LLC. increased its position in AbbVie by 5.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after buying an additional 789 shares during the period. Ieq Capital LLC lifted its holdings in shares of AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after buying an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its holdings in shares of AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after buying an additional 612,702 shares during the last quarter. 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: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

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.