AbbVie (NYSE:ABBV) Price Target Raised to $330.00

AbbVie (NYSE:ABBV) had its target price boosted by Royal Bank Of Canada from $280.00 to $330.00 in a research report sent to investors on Monday, Marketbeat reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also recently weighed in on ABBV. Bank of America restated a “buy” rating on shares of AbbVie in a report on Tuesday, September 8th. Argus upped their price target on AbbVie from $250.00 to $270.00 in a report on Tuesday, August 4th. The Goldman Sachs Group increased their price objective on AbbVie from $258.00 to $294.00 and gave the company a “neutral” rating in a research report on Friday, October 23rd. UBS Group raised their price objective on AbbVie from $275.00 to $295.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, JPMorgan Chase & Co. lifted their target price on AbbVie from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $297.46.

AbbVie Stock Up 2.9%

Shares of ABBV stock opened at $294.15 on Monday. The stock has a 50-day simple moving average of $270.80 and a 200 day simple moving average of $238.28. The stock has a market capitalization of $519.71 billion, a P/E ratio of 50.63, a P/E/G ratio of 1.30 and a beta of 0.20. AbbVie has a fifty-two week low of $190.75 and a fifty-two week high of $298.74.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, beating the consensus estimate of $3.73 by $0.09. AbbVie had a net margin of 15.67% and a negative return on equity of 435.41%. The company had revenue of $17.40 billion during the quarter, compared to analyst estimates of $17.32 billion. During the same quarter last year, the firm posted $1.86 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie will post 13.99 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.5%. AbbVie’s dividend payout ratio is currently 125.30%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was 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 owned 74,430 shares of the company’s stock, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Burk Holdings LLC acquired a new stake in shares of AbbVie during the 2nd quarter valued at $30,000. Marquette Asset Management LLC grew its holdings in shares of AbbVie by 52.2% during the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock valued at $35,000 after acquiring an additional 48 shares in the last quarter. IMG Wealth Management Inc. grew its holdings in shares of AbbVie by 3,060.0% during the 2nd quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after acquiring an additional 153 shares in the last quarter. Principia Wealth Advisory LLC grew its holdings in shares of AbbVie by 38.9% during the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after acquiring an additional 44 shares in the last quarter. Finally, Tacita Capital Inc acquired a new position in shares of AbbVie in the second quarter worth $42,000. 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

About AbbVie

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.