AbbVie (NYSE:ABBV) Given New $265.00 Price Target at Cantor Fitzgerald

AbbVie (NYSE:ABBV) had its target price hoisted by Cantor Fitzgerald from $240.00 to $265.00 in a report released on Monday morning, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley increased their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Piper Sandler restated an “overweight” rating and issued a $298.00 price objective on shares of AbbVie in a report on Tuesday, June 23rd. Evercore set a $235.00 target price on AbbVie in a report on Friday, May 15th. Sanford C. Bernstein reissued a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Finally, Wells Fargo & Company set a $260.00 price target on AbbVie in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $256.67.

AbbVie Price Performance

Shares of NYSE ABBV traded up $4.41 during midday trading on Monday, hitting $259.17. The stock had a trading volume of 367,136 shares, compared to its average volume of 7,165,646. The firm has a market cap of $457.91 billion, a P/E ratio of 127.58, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. AbbVie has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The company’s 50-day simple moving average is $221.27 and its 200 day simple moving average is $220.47.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.46 earnings per share. Equities analysts expect that AbbVie will post 14.28 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio is presently 340.89%.

Institutional Investors Weigh In On AbbVie

Several hedge funds have recently added to or reduced their stakes in ABBV. Brighton Jones LLC boosted its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its holdings in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. Schnieders Capital Management LLC. grew its stake in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after purchasing an additional 789 shares during the last quarter. Ieq Capital LLC raised its position in AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after purchasing an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC raised its holdings in AbbVie by 117.3% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after purchasing an additional 612,702 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.