AbbVie (NYSE:ABBV) Price Target Cut to $205.00 by Analysts at Citigroup

AbbVie (NYSE:ABBV - Free Report) had its price target cut by Citigroup from $215.00 to $205.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Leerink Partnrs upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 22nd. Wolfe Research assumed coverage on shares of AbbVie in a report on Friday, November 15th. They issued an "outperform" rating and a $205.00 price target on the stock. BMO Capital Markets dropped their price objective on shares of AbbVie from $228.00 to $208.00 and set an "outperform" rating for the company in a research note on Tuesday, November 12th. Guggenheim increased their target price on AbbVie from $212.00 to $221.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their price target on AbbVie to $195.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $205.00.

AbbVie Price Performance

Shares of NYSE ABBV traded down $2.02 during midday trading on Tuesday, hitting $174.88. The company had a trading volume of 5,585,086 shares, compared to its average volume of 5,960,552. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The business has a 50-day simple moving average of $176.05 and a two-hundred day simple moving average of $184.94. AbbVie has a twelve month low of $153.58 and a twelve month high of $207.32. The firm has a market capitalization of $309.04 billion, a price-to-earnings ratio of 60.72, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the company earned $2.95 EPS. The company's quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts anticipate that AbbVie will post 10.06 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.75%. AbbVie's payout ratio is 227.78%.

Insider Buying and Selling

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now directly owns 6,983 shares in the company, valued at $1,202,751.92. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.25% of the company's stock.

Institutional Trading of AbbVie

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Groupama Asset Managment lifted its holdings in AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock worth $27,000 after buying an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new position in AbbVie during the third quarter worth $28,000. Fiduciary Advisors Inc. acquired a new position in AbbVie in the fourth quarter worth $29,000. Retirement Wealth Solutions LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $35,000. Finally, Marquette Asset Management LLC bought a new position in shares of AbbVie in the 3rd quarter worth about $39,000. 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.