Barclays Cuts AbbVie (NYSE:ABBV) Price Target to $187.00

AbbVie (NYSE:ABBV) had its price objective cut by Barclays from $195.00 to $187.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an overweight rating on the stock.

ABBV has been the subject of several other reports. William Blair raised shares of AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a report on Friday, March 22nd. Raymond James raised their target price on AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a report on Monday, February 5th. Truist Financial upped their price target on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a report on Tuesday, February 6th. Finally, BMO Capital Markets lowered their price target on AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a research report on Monday. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $174.31.

AbbVie Stock Down 0.6 %

Shares of NYSE:ABBV opened at $161.72 on Monday. The firm has a market cap of $286.35 billion, a P/E ratio of 47.99, a PEG ratio of 2.04 and a beta of 0.58. AbbVie has a 52-week low of $130.96 and a 52-week high of $182.89. The business’s 50 day simple moving average is $173.74 and its two-hundred day simple moving average is $161.10. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. AbbVie’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business earned $2.46 EPS. As a group, research analysts forecast that AbbVie will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.83%. AbbVie’s payout ratio is currently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 383,324 shares of company stock worth $67,780,003. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently made changes to their positions in the stock. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $26,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter worth about $36,000. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie in the 1st quarter valued at about $37,000. Able Wealth Management LLC bought a new stake in shares of AbbVie during the 4th quarter valued at about $33,000. Finally, Valued Wealth Advisors LLC increased its position in shares of AbbVie by 111.1% in the first quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock worth $42,000 after purchasing an additional 120 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other 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.