AbbVie (NYSE:ABBV) Price Target Cut to $180.00 by Analysts at BMO Capital Markets

AbbVie (NYSE:ABBV) had its price objective cut by BMO Capital Markets from $195.00 to $180.00 in a report published on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently weighed in on the company. Truist Financial raised their price objective on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a research report on Tuesday, February 6th. Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Raymond James upped their price objective on shares of AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a report on Monday, February 5th. Barclays lifted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock an overweight rating in a research note on Wednesday, March 27th. Finally, William Blair upgraded shares of AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AbbVie presently has an average rating of Moderate Buy and a consensus price target of $174.31.

AbbVie Stock Up 1.2 %

AbbVie stock opened at $161.52 on Monday. AbbVie has a twelve month low of $130.96 and a twelve month high of $182.89. The business has a fifty day moving average of $174.27 and a two-hundred day moving average of $161.00. The firm has a market cap of $286.00 billion, a P/E ratio of 47.93, a P/E/G ratio of 2.03 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the prior year, the business posted $2.46 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, analysts forecast that AbbVie will post 11.19 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. AbbVie’s payout ratio is 183.98%.

Insiders Place Their Bets

In related news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares in the company, valued at approximately $92,020,679.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, COO Robert A. Michael sold 68,879 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.45, for a total transaction of $12,153,699.55. Following the completion of the sale, the chief operating officer now owns 98,645 shares of the company’s stock, valued at $17,405,910.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The disclosure for this sale can be found here. Over the last quarter, insiders sold 383,324 shares of company stock worth $67,780,003. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie during the 4th quarter worth $26,000. Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth about $33,000. IFS Advisors LLC purchased a new stake in AbbVie during the 1st quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter valued at about $37,000. Finally, Redmont Wealth Advisors LLC purchased a new position in AbbVie in the 1st quarter worth approximately $37,000. 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.