AbbVie (NYSE:ABBV) Price Target Raised to $205.00

AbbVie (NYSE:ABBV) had its price target lifted by research analysts at Wells Fargo & Company from $200.00 to $205.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.53% from the stock’s previous close.

Several other brokerages have also commented on ABBV. Morgan Stanley raised their price objective on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. BMO Capital Markets upped their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Finally, Piper Sandler reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $188.71.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $182.17 on Friday. The company has a market capitalization of $321.69 billion, a PE ratio of 54.06, a price-to-earnings-growth ratio of 2.23 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The company’s fifty day moving average price is $167.30 and its 200 day moving average price is $169.38. AbbVie has a 1 year low of $135.85 and a 1 year high of $186.11.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm posted $2.91 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that AbbVie will post 10.78 earnings per share for the current year.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

Several hedge funds and other institutional investors have recently bought and sold shares of ABBV. Norges Bank purchased a new stake in shares of AbbVie in the 4th quarter valued at approximately $3,229,888,000. Vanguard Group Inc. lifted its holdings in AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares during the last quarter. International Assets Investment Management LLC purchased a new position in AbbVie in the fourth quarter worth approximately $499,955,000. Capital World Investors increased its stake in AbbVie by 249.1% during the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after acquiring an additional 3,120,310 shares during the last quarter. Finally, Capital International Investors raised its position in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.