Fintel reports that on September 29, 2023, Raymond James initiated coverage of Abbvie (NYSE:ABBV) with a Outperform recommendation.
Analyst Price Forecast Suggests 13.31% Upside
As of August 31, 2023, the average one-year price target for Abbvie is 172.52. The forecasts range from a low of 136.35 to a high of $215.25. The average price target represents an increase of 13.31% from its latest reported closing price of 152.25.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Abbvie is 55,229MM, a decrease of 1.42%. The projected annual non-GAAP EPS is 11.88.
Abbvie Declares $1.48 Dividend
On September 8, 2023 the company declared a regular quarterly dividend of $1.48 per share ($5.92 annualized). Shareholders of record as of October 13, 2023 will receive the payment on November 15, 2023. Previously, the company paid $1.48 per share.
At the current share price of $152.25 / share, the stock's dividend yield is 3.89%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.74%, the lowest has been 3.32%, and the highest has been 7.32%. The standard deviation of yields is 0.77 (n=236).
The current dividend yield is 1.12 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.20. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.25%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 4366 funds or institutions reporting positions in Abbvie. This is a decrease of 162 owner(s) or 3.58% in the last quarter. Average portfolio weight of all funds dedicated to ABBV is 0.71%, a decrease of 15.42%. Total shares owned by institutions decreased in the last three months by 1.41% to 1,388,283K shares. 
The put/call ratio of ABBV is 0.69, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 56,773K shares representing 3.22% ownership of the company. In it's prior filing, the firm reported owning 57,899K shares, representing a decrease of 1.98%. The firm increased its portfolio allocation in ABBV by 488.88% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 55,028K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 54,775K shares, representing an increase of 0.46%. The firm decreased its portfolio allocation in ABBV by 21.64% over the last quarter.
Capital International Investors holds 43,153K shares representing 2.44% ownership of the company. In it's prior filing, the firm reported owning 42,748K shares, representing an increase of 0.94%. The firm decreased its portfolio allocation in ABBV by 19.96% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 42,007K shares representing 2.38% ownership of the company. In it's prior filing, the firm reported owning 41,266K shares, representing an increase of 1.76%. The firm decreased its portfolio allocation in ABBV by 22.06% over the last quarter.
Geode Capital Management holds 34,953K shares representing 1.98% ownership of the company. In it's prior filing, the firm reported owning 34,045K shares, representing an increase of 2.60%. The firm decreased its portfolio allocation in ABBV by 21.49% over the last quarter.
Abbvie Background Information
(This description is provided by the company.)
AbbVie's mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. The Company strives to have a remarkable impact on people's lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women's health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio.
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This story originally appeared on Fintel.
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