AbbVie (NYSE:ABBV) Reaches New 52-Week High on Analyst Upgrade


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Shares of AbbVie Inc. (NYSE:ABBV) hit a new 52-week high during trading on Monday after BMO Capital Markets raised their price target on the stock from $127.00 to $129.00. BMO Capital Markets currently has an outperform rating on the stock. AbbVie traded as high as $114.80 and last traded at $114.75, with a volume of 140690 shares changing hands. The stock had previously closed at $111.50.

A number of other analysts have also recently commented on ABBV. Mizuho upped their price target on shares of AbbVie from $126.00 to $128.00 and gave the company a “buy” rating in a research report on Monday. Piper Sandler raised their price objective on shares of AbbVie from $120.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, April 30th. Morgan Stanley decreased their price target on shares of AbbVie from $120.00 to $116.00 and set an “overweight” rating for the company in a research note on Thursday, January 28th. SVB Leerink raised their target price on AbbVie from $140.00 to $144.00 and gave the company an “outperform” rating in a research note on Tuesday, March 30th. Finally, Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $114.00 price target on the stock in a research note on Tuesday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $116.94.

In other news, SVP Elaine K. Sorg sold 8,440 shares of the firm’s stock in a transaction on Monday, March 1st. The stock was sold at an average price of $108.61, for a total transaction of $916,668.40. Following the completion of the sale, the senior vice president now directly owns 26,035 shares of the company’s stock, valued at approximately $2,827,661.35. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Richard A. Gonzalez sold 170,113 shares of AbbVie stock in a transaction on Monday, March 1st. The stock was sold at an average price of $108.61, for a total value of $18,475,972.93. Following the sale, the chief executive officer now owns 450,981 shares in the company, valued at $48,981,046.41. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 198,067 shares of company stock worth $21,511,667. 0.09% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Grant GrossMendelsohn LLC lifted its position in shares of AbbVie by 4.0% during the 1st quarter. Grant GrossMendelsohn LLC now owns 10,900 shares of the company’s stock valued at $1,215,000 after buying an additional 422 shares during the last quarter. Bingham Osborn & Scarborough LLC raised its stake in AbbVie by 2.9% in the 1st quarter. Bingham Osborn & Scarborough LLC now owns 5,277 shares of the company’s stock valued at $571,000 after acquiring an additional 148 shares during the period. Morris Retirement Advisors LLC lifted its holdings in AbbVie by 2.9% during the first quarter. Morris Retirement Advisors LLC now owns 6,226 shares of the company’s stock valued at $674,000 after purchasing an additional 175 shares during the last quarter. Hamel Associates Inc. bought a new position in AbbVie during the first quarter worth about $1,505,000. Finally, Sargent Investment Group LLC increased its stake in shares of AbbVie by 77.1% in the first quarter. Sargent Investment Group LLC now owns 6,202 shares of the company’s stock worth $671,000 after purchasing an additional 2,700 shares in the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.

The stock’s 50 day moving average is $107.95 and its 200 day moving average is $103.98. The company has a market capitalization of $201.01 billion, a PE ratio of 24.08, a PEG ratio of 1.54 and a beta of 0.84. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.81 and a current ratio of 0.95.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, April 29th. The company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.12. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The firm had revenue of $13.01 billion for the quarter, compared to the consensus estimate of $12.84 billion. During the same quarter in the prior year, the business posted $2.42 earnings per share. The business’s quarterly revenue was up 50.9% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 10.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Investors of record on Thursday, April 15th will be issued a dividend of $1.30 per share. The ex-dividend date is Wednesday, April 14th. This represents a $5.20 dividend on an annualized basis and a yield of 4.57%. AbbVie’s dividend payout ratio (DPR) is 58.17%.

AbbVie Company Profile (NYSE:ABBV)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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