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

Truist Financial reaffirmed their buy rating on shares of AbbVie (NYSE:ABBV) in a research report report published on Friday, Benzinga reports. The brokerage currently has a $210.00 price objective on the stock, up from their prior price objective of $195.00.

A number of other equities research analysts have also recently weighed in on the company. Morgan Stanley raised their price target on AbbVie from $191.00 to $196.00 and gave the company an overweight rating in a report on Thursday, July 11th. Piper Sandler reaffirmed an overweight rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. BMO Capital Markets raised their price target on AbbVie from $180.00 to $214.00 and gave the company an outperform rating in a report on Friday, July 19th. Piper Sandler Companies reaffirmed an overweight rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Finally, Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of Moderate Buy and a consensus target price of $188.71.

AbbVie Trading Down 1.7 %

Shares of ABBV opened at $181.93 on Friday. AbbVie has a 1 year low of $135.85 and a 1 year high of $186.85. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The stock has a 50 day simple moving average of $168.02 and a 200-day simple moving average of $169.76. The stock has a market cap of $321.26 billion, a PE ratio of 53.99, a PEG ratio of 2.35 and a beta of 0.64.

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

AbbVie Dividend Announcement

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

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Advisors Ltd. LLC raised its stake in shares of AbbVie by 1.3% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after purchasing an additional 55 shares during the period. Lokken Investment Group LLC raised its stake in shares of AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares during the period. Arcadia Investment Management Corp MI increased its position in shares of AbbVie by 0.6% in the first quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock valued at $1,706,000 after acquiring an additional 59 shares during the last quarter. L. Roy Papp & Associates LLP increased its position in shares of AbbVie by 0.8% in the second quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock valued at $1,354,000 after acquiring an additional 60 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its position in shares of AbbVie by 1.5% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 4,001 shares of the company’s stock valued at $686,000 after acquiring an additional 60 shares during the last quarter. 70.23% of the stock is currently 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.