AbbVie’s (ABBV) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial restated their buy rating on shares of AbbVie (NYSE:ABBV) in a report released on Friday, Benzinga reports. The firm currently has a $210.00 target price on the stock, up from their previous target price of $195.00.

ABBV has been the topic of several other research reports. Piper Sandler Companies reissued an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. BMO Capital Markets upped their target price on AbbVie from $180.00 to $214.00 and gave the company an outperform rating in a report on Friday, July 19th. Morgan Stanley upped their target price on AbbVie from $191.00 to $196.00 and gave the company an overweight rating in a report on Thursday, July 11th. Barclays upped their target price on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday. Finally, Piper Sandler reissued an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $188.71.

AbbVie Trading Down 1.7 %

NYSE:ABBV opened at $181.93 on Friday. The stock has a fifty day moving average price of $168.02 and a two-hundred day moving average price of $169.76. The stock has a market capitalization of $321.26 billion, a price-to-earnings ratio of 53.99, a PEG ratio of 2.35 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie has a 1 year low of $135.85 and a 1 year high of $186.85.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.91 earnings per share. As a group, sell-side analysts anticipate that AbbVie will post 10.79 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Large investors have recently added to or reduced their stakes in the business. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie in the 4th quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie in the 2nd quarter worth about $27,000. Able Wealth Management LLC purchased a new position in shares of AbbVie in the 4th quarter worth about $33,000. IFS Advisors LLC purchased a new position in shares of AbbVie in the 1st quarter worth about $36,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie in the 4th quarter worth about $37,000. 70.23% of the stock is currently owned by hedge funds and other 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.