AbbVie (NYSE:ABBV) Price Target Raised to $346.00

AbbVie (NYSE:ABBV) had its target price upped by Morgan Stanley from $310.00 to $346.00 in a report released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also commented on ABBV. Leerink Partners boosted their price target on shares of AbbVie from $245.00 to $279.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Rothschild & Co Redburn raised their price objective on shares of AbbVie from $284.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 5th. Bank of America reiterated a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. Finally, The Goldman Sachs Group boosted their target price on AbbVie from $258.00 to $294.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $297.46.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $294.15 on Monday. AbbVie has a 52 week low of $190.75 and a 52 week high of $298.74. The company’s fifty day moving average is $270.80 and its 200-day moving average is $238.28. The company has a market capitalization of $519.71 billion, a PE ratio of 50.63, a P/E/G ratio of 1.30 and a beta of 0.20.

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

AbbVie Increases Dividend

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

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Large investors have recently modified their holdings of the stock. State Street Corp increased its position in AbbVie by 1.7% in the second quarter. State Street Corp now owns 82,596,748 shares of the company’s stock worth $20,784,646,000 after purchasing an additional 1,379,232 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AbbVie by 0.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,267,697 shares of the company’s stock valued at $3,590,323,000 after purchasing an additional 106,091 shares during the period. Legal & General Group Plc acquired a new position in AbbVie during the 2nd quarter valued at about $2,905,952,000. Deutsche Bank AG boosted its stake in shares of AbbVie by 13.0% in the 2nd quarter. Deutsche Bank AG now owns 10,772,949 shares of the company’s stock valued at $2,710,905,000 after purchasing an additional 1,241,587 shares during the last quarter. Finally, Amundi grew its position in shares of AbbVie by 2.4% during the 1st quarter. Amundi now owns 10,698,095 shares of the company’s stock worth $2,326,728,000 after buying an additional 247,689 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

More AbbVie News

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

About AbbVie

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.