BMO Capital Markets Cuts AbbVie (NYSE:ABBV) Price Target to $208.00

AbbVie (NYSE:ABBV) had its price objective reduced by BMO Capital Markets from $228.00 to $208.00 in a report released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group boosted their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Sanford C. Bernstein assumed coverage on shares of AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Wells Fargo & Company boosted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley cut their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $203.83.

AbbVie Stock Performance

Shares of ABBV stock opened at $169.63 on Tuesday. The firm has a market cap of $299.76 billion, a price-to-earnings ratio of 58.90, a P/E/G ratio of 2.08 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie has a 52 week low of $136.30 and a 52 week high of $207.32. The firm’s 50-day simple moving average is $193.08 and its two-hundred day simple moving average is $180.84.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.95 earnings per share. As a group, equities analysts forecast that AbbVie will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.87%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 215.28%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kestra Investment Management LLC bought a new position in AbbVie during the 3rd quarter valued at approximately $1,092,000. FSA Wealth Management LLC bought a new position in AbbVie during the 3rd quarter valued at approximately $245,000. B&L Asset Management LLC bought a new position in AbbVie during the 3rd quarter valued at approximately $977,000. Erste Asset Management GmbH bought a new position in AbbVie during the 3rd quarter valued at approximately $25,356,000. Finally, Bellevue Group AG increased its position in AbbVie by 1.6% during the 3rd quarter. Bellevue Group AG now owns 42,886 shares of the company’s stock valued at $8,469,000 after buying an additional 682 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Company Profile

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.