AbbVie (NYSE:ABBV) Receives “Overweight” Rating from Piper Sandler Companies

Piper Sandler Companies reaffirmed their overweight rating on shares of AbbVie (NYSE:ABBV) in a report issued on Wednesday, Stock Target Advisor reports. The brokerage currently has a $190.00 target price on the stock.

Several other research firms have also issued reports on ABBV. Cantor Fitzgerald reissued an overweight rating and issued a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. Guggenheim upped their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a buy rating in a research note on Friday, March 22nd. HSBC upgraded shares of AbbVie from a hold rating to a buy rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. BMO Capital Markets decreased their target price on shares of AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler restated an overweight rating and issued a $190.00 target price on shares of AbbVie in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $181.07.

AbbVie Price Performance

AbbVie stock opened at $163.84 on Wednesday. AbbVie has a 52-week low of $132.70 and a 52-week high of $182.89. The firm has a fifty day moving average of $164.58 and a 200-day moving average of $167.82. The firm has a market capitalization of $289.32 billion, a P/E ratio of 48.66, a PEG ratio of 2.19 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The business’s quarterly revenue was up .7% compared to the same quarter last year. As a group, analysts predict that AbbVie will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.78%. AbbVie’s payout ratio is currently 183.98%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the 4th quarter worth about $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter worth about $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie in the 1st quarter worth about $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie in the 4th quarter worth about $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie in the 1st quarter worth about $37,000. 70.23% of the stock is currently owned by institutional investors.

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.