AbbVie (NYSE:ABBV) Stock Price Up 4.2% – Time to Buy?

AbbVie Inc. (NYSE:ABBV)’s stock price traded up 4.2% during mid-day trading on Thursday . The stock traded as high as $254.54 and last traded at $254.2920. 6,240,800 shares were traded during mid-day trading, a decline of 13% from the average session volume of 7,156,321 shares. The stock had previously closed at $244.11.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Analysts have turned more constructive on AbbVie, with recent target increases and a “Moderate Buy” average brokerage rating highlighting confidence in its immunology and broader biopharma outlook.
• Positive Sentiment: AbbVie’s neuroscience franchise is expected to post solid second-quarter growth, with key brands and Vyalev in focus as investors look ahead to the company’s July 31 earnings report. Article Title
• Neutral Sentiment: Recent articles debating whether AbbVie is fully valued after Tepkinly and whether the stock looks expensive after its strong multi-year run point to valuation concerns, but they do not appear to be dominating today’s move.
• Neutral Sentiment: Investors are also watching recent clinical and regulatory updates, including filings for RINVOQ in alopecia areata and SKYRIZI in Crohn’s disease, which support the long-term growth story but are more of a pipeline backdrop than a direct catalyst.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research analyst reports. Piper Sandler reissued an “overweight” rating and set a $298.00 price objective on shares of AbbVie in a research report on Tuesday, June 23rd. UBS Group raised their target price on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Monday. Evercore set a $235.00 price target on AbbVie in a research report on Friday, May 15th. Cantor Fitzgerald upped their price target on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Two investment 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.67.

AbbVie Stock Up 4.2%

The firm has a market capitalization of $449.28 billion, a price-to-earnings ratio of 125.27, a P/E/G ratio of 0.81 and a beta of 0.30. The business has a 50-day moving average of $227.70 and a two-hundred day moving average of $221.54.

AbbVie (NYSE:ABBV) last posted 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. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the prior year, the firm posted $2.46 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities analysts predict that AbbVie Inc. will post 14.22 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is presently 340.89%.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently bought and sold shares of ABBV. Chelsea Counsel Co. acquired a new position in AbbVie in the third quarter worth about $26,000. Litman Gregory Wealth Management LLC acquired a new stake in AbbVie during the fourth quarter valued at approximately $28,000. Westend Capital Management LLC acquired a new stake in AbbVie during the fourth quarter valued at approximately $29,000. Imprint Wealth LLC grew its stake in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Finally, Legacy Wealth Managment LLC ID raised its holdings in shares of AbbVie by 115.9% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after buying an additional 73 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

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.