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AbbVie (NASDAQ:ABBV) reached a new 52-week high on Friday following a dividend announcement from the company, American Banking & Market News reports. The company traded as high as $55.62 and last traded at $53.72, with a volume of 6,890,820 shares changing hands. The stock had previously closed at $54.19.

The newly announced dividend is scheduled for Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.10%.

A number of research firms have recently commented on ABBV. Analysts at Credit Suisse reiterated an “outperform” rating on shares of AbbVie in a research note on Friday. They now have a $60.00 price target on the stock, up previously from $58.00. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of AbbVie in a research note on Monday, June 2nd. They now have a $60.00 price target on the stock. Finally, analysts at BMO Capital Markets raised their price target on shares of AbbVie from $57.00 to $60.00 in a research note on Monday, June 2nd. They now have an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. AbbVie has a consensus rating of “Buy” and an average price target of $57.50.

The stock’s 50-day moving average is $53.44 and its 200-day moving average is $51.41. The company has a market cap of $85.522 billion and a price-to-earnings ratio of 21.09.

AbbVie (NASDAQ:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $0.71 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.68 by $0.03. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the company posted $0.68 earnings per share. AbbVie’s revenue was up 5.4% compared to the same quarter last year. On average, analysts predict that AbbVie will post $3.14 earnings per share for the current fiscal year.

AbbVie Inc (NASDAQ:ABBV) is a research-based pharmaceuticals company.

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