AbbVie (NYSE:ABBV – Free Report) had its target price reduced by Credit Suisse Group from $170.00 to $160.00 in a report released on Wednesday morning, MarketBeat.com reports.
Several other equities research analysts also recently commented on ABBV. Morgan Stanley boosted their target price on AbbVie from $178.00 to $181.00 and gave the stock an overweight rating in a report on Monday, April 10th. Wells Fargo & Company dropped their target price on AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Barclays boosted their target price on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Argus downgraded AbbVie from a buy rating to a hold rating in a report on Wednesday, April 5th. Finally, Guggenheim dropped their target price on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AbbVie has a consensus rating of Moderate Buy and a consensus target price of $162.73.
AbbVie Trading Down 0.4 %
NYSE ABBV opened at $134.98 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. AbbVie has a twelve month low of $130.96 and a twelve month high of $168.11. The firm has a market capitalization of $238.14 billion, a PE ratio of 31.91, a P/E/G ratio of 2.48 and a beta of 0.56. The stock’s 50 day moving average is $139.01 and its 200 day moving average is $149.46.
AbbVie Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 4.39%. The ex-dividend date is Thursday, July 13th. AbbVie’s dividend payout ratio (DPR) is currently 139.95%.
Insider Transactions at AbbVie
In other news, SVP Elaine K. Sorg sold 6,130 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total value of $1,011,450.00. Following the transaction, the senior vice president now owns 35,330 shares of the company’s stock, valued at $5,829,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Elaine K. Sorg sold 6,130 shares of the stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the completion of the sale, the senior vice president now owns 35,330 shares in the company, valued at $5,829,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Elaine K. Sorg sold 7,499 shares of the stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $161.67, for a total value of $1,212,363.33. Following the sale, the senior vice president now owns 35,330 shares of the company’s stock, valued at approximately $5,711,801.10. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.
Hedge Funds Weigh In On AbbVie
Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in AbbVie by 0.9% during the 1st quarter. Geode Capital Management LLC now owns 34,045,021 shares of the company’s stock valued at $5,414,143,000 after buying an additional 292,512 shares in the last quarter. Morgan Stanley grew its holdings in AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after buying an additional 4,785,277 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its holdings in shares of AbbVie by 89,097.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after purchasing an additional 29,170,366 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of AbbVie by 138.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock worth $3,432,297,000 after purchasing an additional 12,515,744 shares during the period. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter worth approximately $3,033,348,000. Hedge funds and other institutional investors own 68.27% of the company’s stock.
About AbbVie
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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