AbbVie (NYSE:ABBV) Price Target Raised to $190.00 at Piper Sandler

AbbVie (NYSE:ABBV) had its price target increased by Piper Sandler from $185.00 to $190.00 in a report published on Tuesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also issued reports on ABBV. Cantor Fitzgerald initiated coverage on AbbVie in a research report on Friday, May 17th. They set an overweight rating and a $200.00 target price for the company. Guggenheim raised their target price on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research report on Friday, March 22nd. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a research report on Monday, April 29th. Barclays lowered their price objective on AbbVie from $195.00 to $187.00 and set an overweight rating for the company in a research report on Monday, April 29th. Finally, HSBC raised AbbVie from a hold rating to a buy rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $179.64.

AbbVie Stock Up 1.0 %

Shares of ABBV opened at $171.35 on Tuesday. AbbVie has a 52 week low of $130.96 and a 52 week high of $182.89. The stock has a market capitalization of $302.58 billion, a price-to-earnings ratio of 50.85, a PEG ratio of 2.16 and a beta of 0.60. 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 stock has a fifty day moving average of $163.58 and a 200-day moving average of $166.38.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the prior year, the company earned $2.46 EPS. AbbVie’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie will post 11.26 earnings per share for the current fiscal year.

Institutional Trading of AbbVie

Several large investors have recently made changes to their positions in ABBV. Norges Bank acquired a new position in AbbVie during the 4th quarter valued at about $3,229,888,000. Vanguard Group Inc. boosted its stake in AbbVie by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after purchasing an additional 9,978,415 shares during the last quarter. International Assets Investment Management LLC acquired a new position in AbbVie during the 4th quarter valued at about $499,955,000. Capital World Investors boosted its stake in AbbVie by 249.1% during the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after purchasing an additional 3,120,310 shares during the last quarter. Finally, Capital International Investors boosted its stake in AbbVie by 6.9% during the 1st 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 last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Company Profile

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.