AbbVie (NYSE:ABBV) Given New $220.00 Price Target at Piper Sandler

AbbVie (NYSE:ABBV) had its price objective raised by Piper Sandler from $212.00 to $220.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research report on Thursday, December 5th. JPMorgan Chase & Co. dropped their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, TD Cowen increased their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $205.70.

AbbVie Stock Performance

Shares of ABBV opened at $175.42 on Tuesday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm has a 50-day moving average of $183.83 and a 200-day moving average of $183.39. The company has a market cap of $309.99 billion, a PE ratio of 60.91, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58. AbbVie has a one year low of $151.29 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the firm posted $2.95 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, equities analysts forecast that AbbVie will post 10.96 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.74%. AbbVie’s dividend payout ratio (DPR) is 227.78%.

Institutional Investors Weigh In On AbbVie

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vicus Capital boosted its position in AbbVie by 32.4% during the 2nd quarter. Vicus Capital now owns 3,015 shares of the company’s stock worth $517,000 after buying an additional 738 shares during the period. Joule Financial LLC grew its stake in shares of AbbVie by 7.6% in the second quarter. Joule Financial LLC now owns 1,831 shares of the company’s stock worth $314,000 after purchasing an additional 129 shares during the last quarter. 1620 Investment Advisors Inc. increased its holdings in AbbVie by 10.7% in the second quarter. 1620 Investment Advisors Inc. now owns 8,355 shares of the company’s stock valued at $1,433,000 after purchasing an additional 809 shares during the period. PSI Advisors LLC increased its holdings in AbbVie by 2.0% in the second quarter. PSI Advisors LLC now owns 3,903 shares of the company’s stock valued at $669,000 after purchasing an additional 77 shares during the period. Finally, GYL Financial Synergies LLC raised its position in AbbVie by 1.0% during the 2nd quarter. GYL Financial Synergies LLC now owns 37,101 shares of the company’s stock worth $6,364,000 after purchasing an additional 359 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

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.