AbbVie (NYSE:ABBV) Price Target Raised to $342.00

AbbVie (NYSE:ABBV) had its target price raised by Leerink Partners from $309.00 to $342.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities analysts have also commented on ABBV. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $285.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, October 8th. UBS Group boosted their price objective on shares of AbbVie from $275.00 to $295.00 and gave the company a “neutral” rating in a report on Monday. Royal Bank Of Canada boosted their price objective on shares of AbbVie from $280.00 to $330.00 and gave the company an “outperform” rating in a report on Monday. Wells Fargo & Company increased their target price on shares of AbbVie from $300.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Cantor Fitzgerald raised their target price on shares of AbbVie from $290.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $297.46.

AbbVie Price Performance

ABBV stock opened at $294.15 on Monday. The stock has a market capitalization of $519.71 billion, a price-to-earnings ratio of 50.63, a PEG ratio of 1.30 and a beta of 0.20. The business’s fifty day moving average price is $270.80 and its two-hundred day moving average price is $238.28. AbbVie has a fifty-two week low of $190.75 and a fifty-two week high of $298.74.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, topping analysts’ consensus estimates of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 435.41% and a net margin of 15.67%. The company’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.86 earnings per share. Research analysts expect that AbbVie will post 13.99 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be given a dividend of $1.82 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 125.30%.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. This represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On AbbVie

Hedge funds and other institutional investors have recently modified their holdings of the business. Verus Financial Partners Inc. lifted its stake in AbbVie by 1.7% in the 3rd quarter. Verus Financial Partners Inc. now owns 2,048 shares of the company’s stock valued at $536,000 after purchasing an additional 35 shares during the last quarter. Evergreen Private Wealth LLC boosted its position in AbbVie by 3.3% in the third quarter. Evergreen Private Wealth LLC now owns 1,090 shares of the company’s stock valued at $285,000 after buying an additional 35 shares in the last quarter. Lifelong Wealth Advisors Inc. boosted its position in AbbVie by 2.1% in the third quarter. Lifelong Wealth Advisors Inc. now owns 1,755 shares of the company’s stock valued at $459,000 after buying an additional 36 shares in the last quarter. IMG Wealth Management Inc. grew its stake in shares of AbbVie by 22.8% during the third quarter. IMG Wealth Management Inc. now owns 194 shares of the company’s stock worth $51,000 after buying an additional 36 shares during the last quarter. Finally, Foundry Financial Group Inc. grew its stake in shares of AbbVie by 4.6% during the third quarter. Foundry Financial Group Inc. now owns 839 shares of the company’s stock worth $219,000 after buying an additional 37 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie secured global rights to Nxera’s investigational oral IBD drug NXE0033744. The deal includes $100 million upfront, up to $1.37 billion in development and commercial milestones, and tiered royalties. The agreement could strengthen AbbVie’s future immunology pipeline, but milestone payments depend on development and commercial progress. Nxera licensing agreement
• Positive Sentiment: Several analysts raised their AbbVie price targets, adding to a favorable near-term outlook. Morgan Stanley price target update
• Positive Sentiment: AbbVie expanded its Oxford research facility as part of an investment exceeding £120 million, supporting longer-term research in immunology, neurology and oncology. Reuters report on Oxford R&D expansion
• Neutral Sentiment: Updated full-year revenue guidance of $67.8 billion is slightly above consensus, while projected EPS of $13.95–$13.99 is broadly in line. Fourth-quarter revenue guidance also edged above expectations, but EPS guidance of $3.83–$3.87 is below the $3.89 consensus. AbbVie outlook and valuation
• Negative Sentiment: AbbVie discontinued a Phase 2 solid-tumor drug program after seeing “limited benefit,” a setback for that part of its pipeline. Report on discontinued drug program

AbbVie Company Profile

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.