AbbVie’s (ABBV) Overweight Rating Reiterated at Piper Sandler Companies

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating restated by stock analysts at Piper Sandler Companies in a note issued to investors on Tuesday, Stock Target Advisor reports. They presently have a $220.00 price target on the stock. Piper Sandler Companies’ price objective indicates a potential upside of 25.13% from the company’s current price.

ABBV has been the topic of a number of other research reports. Morgan Stanley dropped their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a report on Thursday, December 5th. Bank of America reissued a “neutral” rating and set a $191.00 price objective on shares of AbbVie in a report on Tuesday, December 10th. TD Cowen increased their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Finally, BMO Capital Markets dropped their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $205.70.

AbbVie Stock Performance

ABBV stock traded up $4.19 during midday trading on Tuesday, hitting $175.82. The company’s stock had a trading volume of 4,214,442 shares, compared to its average volume of 5,537,202. The stock’s 50-day moving average price is $184.18 and its 200 day moving average price is $183.29. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie has a 1 year low of $151.29 and a 1 year high of $207.32. The stock has a market cap of $310.70 billion, a price-to-earnings ratio of 61.05, a PEG ratio of 1.92 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the prior year, the firm earned $2.95 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that AbbVie will post 10.96 EPS for the current year.

Institutional Investors Weigh In On AbbVie

Several institutional investors and hedge funds have recently modified their holdings of ABBV. Fairway Wealth LLC purchased a new stake in AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new position in AbbVie during the second quarter valued at $27,000. Groupama Asset Managment boosted its holdings in shares of AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after buying an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in shares of AbbVie in the 3rd quarter worth about $28,000. Finally, Quest Partners LLC lifted its position in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the period. 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.