Bank of America Reaffirms “Neutral” Rating for AbbVie (NYSE:ABBV)

Bank of America reiterated their neutral rating on shares of AbbVie (NYSE:ABBV) in a report released on Tuesday, Marketbeat.com reports. The firm currently has a $191.00 price objective on the stock.

ABBV has been the subject of a number of other reports. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a research note on Thursday, December 5th. Truist Financial increased their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Citigroup cut their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. cut their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $202.19.

AbbVie Stock Down 0.5 %

NYSE:ABBV opened at $175.76 on Tuesday. AbbVie has a 1 year low of $150.16 and a 1 year high of $207.32. The stock has a 50-day moving average price of $186.35 and a two-hundred day moving average price of $182.67. The stock has a market cap of $310.59 billion, a price-to-earnings ratio of 61.03, a PEG ratio of 2.01 and a beta of 0.58. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period in the previous year, the firm earned $2.95 EPS. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that AbbVie will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.73%. AbbVie’s payout ratio is presently 215.28%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. PGGM Investments lifted its holdings in AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after purchasing an additional 24,756 shares during the last quarter. Oak Ridge Investments LLC acquired a new stake in shares of AbbVie during the second quarter worth $213,000. AdvisorNet Financial Inc boosted its position in shares of AbbVie by 5.3% in the second quarter. AdvisorNet Financial Inc now owns 4,766 shares of the company’s stock valued at $818,000 after acquiring an additional 242 shares during the period. Country Club Bank grew its stake in shares of AbbVie by 5.6% in the second quarter. Country Club Bank now owns 10,070 shares of the company’s stock valued at $1,702,000 after acquiring an additional 532 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in AbbVie during the second quarter worth about $224,000. 70.23% of the stock is owned by 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.