AbbVie (NYSE:ABBV) Shares Up 0.1% After Analyst Upgrade

AbbVie Inc. (NYSE:ABBV - Get Free Report) shares shot up 0.1% during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock to $195.00. Wells Fargo & Company currently has a buy rating on the stock. AbbVie traded as high as $167.20 and last traded at $166.66. 758,224 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 5,460,177 shares. The stock had previously closed at $166.57.

ABBV has been the topic of several other research reports. Guggenheim raised their price objective on AbbVie from $212.00 to $221.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. William Blair raised shares of AbbVie to a "strong-buy" rating in a research report on Friday, August 30th. Morgan Stanley dropped their price target on AbbVie from $231.00 to $224.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 12th. TD Cowen lifted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a "buy" rating in a report on Monday, October 7th. Finally, Bank of America upped their price target on AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $203.37.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ABBV. Fairway Wealth LLC purchased a new position in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the second quarter worth about $27,000. Groupama Asset Managment lifted its stake in shares of AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock valued at $27,000 after purchasing an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie during the 3rd quarter valued at $28,000. Finally, Quest Partners LLC boosted its stake in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company's stock worth $36,000 after acquiring an additional 207 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Trading Up 0.7 %

The stock has a 50-day moving average of $190.25 and a two-hundred day moving average of $181.01. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company has a market cap of $296.42 billion, a P/E ratio of 58.24, a price-to-earnings-growth ratio of 2.01 and a beta of 0.63.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts' consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during 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 firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.95 EPS. On average, equities research analysts predict that AbbVie Inc. 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. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.91%. This is a boost from AbbVie's previous quarterly dividend of $1.55. AbbVie's dividend payout ratio is currently 215.28%.

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.