AbbVie (NYSE:ABBV) Sets New 12-Month High - Here's What Happened

Key Points

• AbbVie shares reached a new 52-week high of $262.10, with the stock last trading at $261.18 and up 0.5%.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $268.10; several firms recently raised their targets, including Wells Fargo to $295.
• AbbVie reported quarterly revenue of $15 billion and adjusted EPS of $2.65, both above expectations, while declaring a quarterly dividend of $1.73, equivalent to a 2.7% annualized yield.

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price reached a new 52-week high on Monday . The company traded as high as $262.10 and last traded at $261.18, with a volume of 319617 shares traded. The stock had previously closed at $259.36.

Analyst Ratings Changes

Several research firms have commented on ABBV. Cantor Fitzgerald lifted their price target on shares of AbbVie from $240.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Piper Sandler reaffirmed an "overweight" rating and issued a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. Canaccord Genuity Group lifted their target price on shares of AbbVie from $273.00 to $282.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 5th. Finally, Wells Fargo & Company upped their price target on shares of AbbVie from $260.00 to $295.00 and gave the company an "overweight" rating in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $268.10.

AbbVie Stock Up 0.5%

The company has a 50-day simple moving average of $234.57 and a two-hundred day simple moving average of $222.88. The stock has a market cap of $460.42 billion, a P/E ratio of 128.37, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.72 billion. During the same quarter last year, the business earned $2.46 earnings per share. The business's revenue was up 12.4% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Institutional Trading of AbbVie

A number of institutional investors have recently modified their holdings of ABBV. Litman Gregory Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $28,000. Westend Capital Management LLC purchased a new stake in AbbVie in the fourth quarter worth $29,000. Imprint Wealth LLC boosted its holdings in AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company's stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Legacy Wealth Managment LLC ID boosted its holdings in AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company's stock valued at $31,000 after acquiring an additional 73 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new position in AbbVie during the 4th quarter valued at $31,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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.

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