AbbVie (NYSE:ABBV) Given New $276.00 Price Target at Bank of America

AbbVie (NYSE:ABBV) had its target price raised by Bank of America from $234.00 to $276.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

ABBV has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a research note on Tuesday, June 23rd. Wells Fargo & Company lifted their price objective on AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday. Cantor Fitzgerald boosted their price objective on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Royal Bank Of Canada raised their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $262.81.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $1.91 during trading on Friday, reaching $248.00. The company had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. AbbVie has a 52 week low of $184.63 and a 52 week high of $261.64. The business’s 50 day moving average price is $225.42 and its 200-day moving average price is $221.25. The stock has a market cap of $438.17 billion, a PE ratio of 122.17, a PEG ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. AbbVie’s revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 earnings per share. Equities analysts anticipate that AbbVie will post 14.39 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is presently 340.89%.

Institutional Trading of AbbVie

Institutional investors have recently made changes to their positions in the business. Chelsea Counsel Co. bought a new stake in AbbVie during the third quarter worth about $26,000. Litman Gregory Wealth Management LLC acquired a new position in shares of AbbVie during the 4th quarter worth approximately $28,000. Westend Capital Management LLC bought a new stake in shares of AbbVie during the 4th quarter worth approximately $29,000. Imprint Wealth LLC grew its stake in shares of AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX acquired a new position in AbbVie during the third quarter worth $31,000. Institutional investors own 70.23% of the company’s stock.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.