AbbVie (NYSE:ABBV) Stock Price Up 1% on Analyst Upgrade

AbbVie Inc. (NYSE:ABBV)’s stock price was up 1% during mid-day trading on Wednesday after Piper Sandler raised their price target on the stock from $185.00 to $190.00. Piper Sandler currently has an overweight rating on the stock. AbbVie traded as high as $173.01 and last traded at $171.36. Approximately 4,250,883 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 4,866,948 shares. The stock had previously closed at $169.68.

Several other equities analysts also recently commented on the company. Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. HSBC raised 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. Barclays decreased their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, Cantor Fitzgerald started coverage on AbbVie in a research report on Friday, May 17th. They set an “overweight” rating and a $200.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $179.64.

Institutional Investors Weigh In On AbbVie

A number of hedge funds have recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the 4th quarter valued at $26,000. Able Wealth Management LLC purchased a new stake in AbbVie during the fourth quarter valued at about $33,000. IFS Advisors LLC purchased a new stake in AbbVie during the first quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. purchased a new stake in AbbVie during the fourth quarter valued at about $37,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in AbbVie during the first quarter valued at about $37,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.0 %

The firm’s 50-day simple moving average is $163.63 and its 200-day simple moving average is $166.41. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The firm has a market capitalization of $302.60 billion, a PE ratio of 50.85, a price-to-earnings-growth ratio of 2.17 and a beta of 0.60.

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

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.