AbbVie (NYSE:ABBV) Now Covered by Royal Bank of Canada

Royal Bank of Canada started coverage on shares of AbbVie (NYSE:ABBV) in a research note released on Wednesday morning. The firm issued a $135.00 price target on the stock.

Several other brokerages have also issued reports on ABBV. Zacks Investment Research raised shares of AbbVie from a hold rating to a buy rating and set a $114.00 price target on the stock in a report on Tuesday, February 9th. Morgan Stanley lowered their target price on shares of AbbVie from $120.00 to $116.00 and set an overweight rating on the stock in a research note on Thursday, January 28th. Mizuho increased their price target on shares of AbbVie from $117.00 to $126.00 and gave the stock a buy rating in a research report on Thursday, February 4th. They noted that the move was a valuation call. Finally, SVB Leerink lifted their price objective on AbbVie from $140.00 to $144.00 and gave the company an outperform rating in a report on Tuesday, March 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $115.65.

NYSE ABBV opened at $105.21 on Wednesday. AbbVie has a twelve month low of $74.78 and a twelve month high of $113.41. The stock has a market cap of $185.68 billion, a PE ratio of 22.24, a PEG ratio of 1.54 and a beta of 0.84. The firm has a 50-day simple moving average of $106.59 and a 200 day simple moving average of $100.97. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.81 and a current ratio of 0.95.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Tuesday, February 2nd. The company reported $2.92 EPS for the quarter, beating the consensus estimate of $2.85 by $0.07. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The firm had revenue of $13.86 billion during the quarter, compared to analysts’ expectations of $13.70 billion. During the same quarter in the prior year, the firm posted $2.21 EPS. The company’s revenue for the quarter was up 59.2% on a year-over-year basis. Research analysts forecast that AbbVie will post 10.48 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Thursday, April 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Wednesday, April 14th. AbbVie’s payout ratio is presently 58.17%.

In related news, CEO Richard A. Gonzalez sold 170,113 shares of the firm’s stock in a transaction that occurred on Monday, March 1st. The shares were sold at an average price of $108.61, for a total value of $18,475,972.93. Following the completion of the sale, the chief executive officer now owns 450,981 shares of the company’s stock, valued at $48,981,046.41. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Timothy J. Richmond sold 19,514 shares of the business’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $108.59, for a total transaction of $2,119,025.26. Following the completion of the transaction, the executive vice president now owns 19,514 shares of the company’s stock, valued at approximately $2,119,025.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,067 shares of company stock valued at $21,511,667. 0.09% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in ABBV. Joseph P. Lucia & Associates LLC acquired a new stake in AbbVie in the fourth quarter worth about $29,000. Alpha DNA Investment Management LLC acquired a new position in AbbVie in the fourth quarter valued at approximately $33,000. McClarren Financial Advisors Inc. acquired a new stake in AbbVie during the 4th quarter worth $38,000. JJJ Advisors Inc. raised its position in shares of AbbVie by 260.8% during the 4th quarter. JJJ Advisors Inc. now owns 368 shares of the company’s stock valued at $39,000 after acquiring an additional 266 shares during the last quarter. Finally, Catalyst Private Wealth LLC bought a new position in shares of AbbVie in the 3rd quarter worth $42,000. Institutional investors own 67.49% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Analyst Recommendations for AbbVie (NYSE:ABBV)

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