AbbVie (NYSE:ABBV) Price Target Raised to $250.00

by · The Cerbat Gem

AbbVie (NYSE:ABBV – Get Free Report) had its target price boosted by equities research analysts at Morgan Stanley from $241.00 to $250.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 32.03% from the company’s current price.

Other equities analysts also recently issued reports about the company. BMO Capital Markets boosted their price objective on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Truist Financial boosted their target price on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Raymond James reiterated an “outperform” rating and set a $220.00 price objective (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Cantor Fitzgerald started coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 target price on the stock. Finally, UBS Group lifted their price target on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $211.62.

Read Our Latest Analysis on AbbVie

AbbVie Trading Up 1.8 %

NYSE ABBV opened at $189.36 on Monday. The company’s fifty day moving average price is $196.85 and its two-hundred day moving average price is $187.13. The company has a market capitalization of $334.97 billion, a price-to-earnings ratio of 79.04, a price-to-earnings-growth ratio of 1.62 and a beta of 0.55. AbbVie has a 12 month low of $153.58 and a 12 month high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, missing the consensus estimate of $2.51 by ($0.05). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same period last year, the company posted $2.31 earnings per share. As a group, research analysts predict that AbbVie will post 12.31 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at $11,183,398.72. The trade was a 52.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the transaction, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,471 shares of company stock worth $23,426,451. Insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

Several hedge funds have recently added to or reduced their stakes in the business. Blue Bell Private Wealth Management LLC increased its position in shares of AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock worth $40,000 after acquiring an additional 52 shares in the last quarter. Steel Grove Capital Advisors LLC raised its position in AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock valued at $553,000 after buying an additional 52 shares during the last quarter. Peninsula Wealth LLC boosted its position in AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares during the last quarter. Physicians Financial Services Inc. raised its holdings in shares of AbbVie by 0.5% in the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock valued at $2,159,000 after purchasing an additional 55 shares during the last quarter. Finally, Connecticut Wealth Management LLC boosted its holdings in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

(Get Free Report)

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.

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