JPMorgan Chase & Co. Cuts AbbVie (NYSE:ABBV) Price Target to $200.00

AbbVie (NYSE:ABBV - Free Report) had its price objective decreased by JPMorgan Chase & Co. from $210.00 to $200.00 in a report issued on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company increased their price objective 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. Argus upgraded shares of AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. BMO Capital Markets reduced their price target on shares of AbbVie from $228.00 to $208.00 and set an "outperform" rating on the stock in a research note on Tuesday. Guggenheim raised their price target on shares of AbbVie from $212.00 to $221.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, William Blair upgraded shares of AbbVie to a "strong-buy" rating in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $203.83.

AbbVie Stock Performance

NYSE:ABBV traded down $0.63 during mid-day trading on Wednesday, reaching $170.46. 8,482,386 shares of the company's stock were exchanged, compared to its average volume of 5,429,671. AbbVie has a one year low of $136.30 and a one year high of $207.32. The firm has a market capitalization of $301.23 billion, a PE ratio of 59.29, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The business's fifty day simple moving average is $193.61 and its two-hundred day simple moving average is $180.91. 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 (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts' consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the firm earned $2.95 earnings per share. AbbVie's revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts anticipate that AbbVie will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is a positive change 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 yield of 3.85%. AbbVie's dividend payout ratio (DPR) is presently 215.28%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company's stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company's stock valued at $933,698,000 after acquiring an additional 4,471,806 shares in the last quarter. Capital World Investors increased its stake in shares of AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company's stock valued at $796,357,000 after acquiring an additional 3,120,310 shares in the last quarter. Capital International Investors increased its stake in shares of AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company's stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of AbbVie in the 1st quarter valued at $367,372,000. 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.