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HSBC Downgrades AbbVie to Hold Amid Mixed Analyst Ratings

Shares of AbbVie (NYSE: ABBV) have been downgraded from a buy to a hold rating by HSBC, as reported in a research note sent to investors on Wednesday. This decision reflects a shift in sentiment amid a backdrop of varied evaluations from other financial institutions.

Several research firms have recently reassessed AbbVie’s stock. Wells Fargo & Company raised its price target from $240.00 to $260.00 and categorized the company as “overweight” in a report issued on September 12. Similarly, BMO Capital Markets increased its target from $215.00 to $240.00, maintaining an “outperform” rating on the same day.

On September 16, JPMorgan Chase & Co. set a new price target of $235.00, also rating AbbVie as “overweight.” Cantor Fitzgerald followed suit by raising its target to $245.00 on September 15. Finally, Bank of America adjusted its target to $204.00 while retaining a “hold” rating on June 9.

Current data indicates that four equity analysts have rated the stock as a Strong Buy, while seventeen have issued a Buy rating and nine have given it a Hold rating. According to MarketBeat, AbbVie holds an average rating of “Moderate Buy” with a consensus price target of $228.22.

Recent Earnings and Dividend Announcement

AbbVie recently announced its earnings results for the second quarter on July 31. The company reported earnings per share (EPS) of $2.97, falling short of analysts’ expectations of $3.24 by $0.27. Despite this, AbbVie recorded a revenue of $15.42 billion, surpassing the consensus estimate of $14.93 billion. This reflects a year-over-year revenue increase of 6.6%.

Additionally, AbbVie has declared a quarterly dividend of $1.64 per share, set to be distributed on November 14. Shareholders of record as of October 15 will receive this payment. The ex-dividend date is also October 15, representing an annualized dividend of $6.56 and a dividend yield of 2.8%. AbbVie’s dividend payout ratio currently stands at 312.38%.

Insider Activity and Institutional Investments

Recent insider activity includes notable stock sales by executives. Nicholas Donoghoe, Executive Vice President, sold 13,295 shares on August 5 at an average price of $198.51, resulting in a total value of approximately $2.64 million. Post-transaction, he retains 58,247 shares valued at around $11.56 million.

On August 12, Azita Saleki-Gerhardt, also an Executive Vice President, sold 42,370 shares for a total of $8.41 million, following a similar trend of reducing positions. After these trades, she holds 177,292 shares valued at about $35.18 million. Together, these transactions represent significant decreases in their respective holdings.

Institutional investors have recently made adjustments to their positions in AbbVie. Notable investments include Marshall & Sullivan Inc., which acquired a new stake valued at approximately $25,000 in the second quarter. Evolution Wealth Management Inc. followed suit with a new position valued at around $26,000.

Overall, institutional ownership of AbbVie currently stands at 70.23%, suggesting robust interest in the company’s stock.

AbbVie continues to progress as a significant player in the pharmaceutical industry, known for its diverse range of treatments including Humira and Skyrizi. As market analysts adjust their ratings and price targets, stakeholders will be watching closely to gauge the company’s performance in the coming months.

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