AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Guggenheim Analyst Says

AbbVie (NYSE:ABBV) had its price objective lifted by Guggenheim from $212.00 to $221.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 10.25% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler boosted their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $202.72.

AbbVie Stock Down 0.4 %

NYSE:ABBV opened at $200.46 on Wednesday. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $207.32. The company’s 50-day simple moving average is $194.41 and its 200-day simple moving average is $180.25. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a market capitalization of $354.08 billion, a P/E ratio of 69.60, a P/E/G ratio of 2.51 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $2.95 EPS. On average, equities analysts anticipate that AbbVie will post 10.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. First Hawaiian Bank increased its position in AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares in the last quarter. PGGM Investments increased its position in shares of AbbVie by 308.1% in the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares in the last quarter. Foresight Capital Management Advisors Inc. purchased a new position in shares of AbbVie in the 2nd quarter valued at $1,349,000. Sumitomo Life Insurance Co. lifted its holdings in shares of AbbVie by 29.6% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock valued at $5,333,000 after acquiring an additional 6,161 shares in the last quarter. Finally, Ullmann Wealth Partners Group LLC increased its holdings in AbbVie by 109.1% in the 3rd quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock valued at $1,249,000 after purchasing an additional 3,301 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

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.