AbbVie (NYSE:ABBV) Price Target Raised to $280.00 at JPMorgan Chase & Co.

AbbVie (NYSE:ABBV) had its price target boosted by JPMorgan Chase & Co. from $260.00 to $280.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also recently commented on the stock. Bank of America raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price objective for the company in a research note on Thursday, April 30th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $298.00 price target on shares of AbbVie in a report on Tuesday, June 23rd. Morgan Stanley boosted their price objective on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Canaccord Genuity Group upped their price objective on AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Two equities research 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $258.19.

AbbVie Price Performance

NYSE:ABBV opened at $249.98 on Thursday. The company has a market cap of $441.67 billion, a price-to-earnings ratio of 123.14, a PEG ratio of 0.83 and a beta of 0.30. AbbVie has a 1 year low of $184.63 and a 1 year high of $261.64. The stock’s 50 day simple moving average is $224.54 and its two-hundred day simple moving average is $221.06.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the prior year, the company earned $2.46 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, analysts anticipate that AbbVie will post 14.25 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio is currently 340.89%.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Chelsea Counsel Co. purchased a new stake in shares of AbbVie during the third quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth about $28,000. Westend Capital Management LLC purchased a new position in AbbVie in the 4th quarter worth about $29,000. Imprint Wealth LLC increased its stake in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the period. Finally, Texas Capital Bancshares Inc TX bought a new stake in AbbVie during the 3rd quarter valued at about $31,000. 70.23% of the stock is owned by institutional investors.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: JPMorgan raised its price target on AbbVie to $280 from $260 and kept an overweight rating, signaling confidence in further upside. Benzinga
• Positive Sentiment: The European Commission approved AbbVie’s Tepkinly-based combination for relapsed or refractory follicular lymphoma, expanding the company’s oncology footprint and potentially supporting future sales growth. Pharmaceutical Technology
• Positive Sentiment: AbbVie also completed a first-in-human ABBV-277 trial, and early safety data could matter for its pipeline if the program continues to show promise. TipRanks
• Neutral Sentiment: West Pharmaceutical completed the SmartDose 3.5mL sale to AbbVie, a transaction that helps West refocus on its core business but is not likely to be a major direct driver for AbbVie’s stock. Zacks
• Neutral Sentiment: Market commentary on cystic fibrosis drug development highlighted AbbVie’s presence in a growing orphan-drug category, but the article was broad industry context rather than a company-specific catalyst. Yahoo Finance
• Negative Sentiment: Despite the positive headlines, AbbVie’s shares ended the session lower, suggesting investors may be taking profits or waiting for the upcoming earnings report and clearer pipeline results. Zacks

About AbbVie

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.