Citigroup Lowers AbbVie (NYSE:ABBV) Price Target to $215.00

AbbVie (NYSE:ABBV) had its price objective decreased by Citigroup from $226.00 to $215.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 26.13% from the company’s current price.

ABBV has been the topic of several other reports. Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. TD Cowen raised their price objective on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Barclays upped their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $203.83.

AbbVie Price Performance

NYSE:ABBV opened at $170.46 on Tuesday. The company has a 50 day moving average price of $193.61 and a 200-day moving average price of $180.91. AbbVie has a 1-year low of $136.30 and a 1-year high of $207.32. The firm has a market cap of $301.23 billion, a price-to-earnings ratio of 59.29, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company earned $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that AbbVie will post 10.95 EPS for the current year.

Institutional Trading of AbbVie

A number of large investors have recently made changes to their positions in ABBV. Cynosure Group LLC increased its stake in AbbVie by 17.6% in the third quarter. Cynosure Group LLC now owns 2,630 shares of the company’s stock valued at $519,000 after purchasing an additional 394 shares during the period. Townsquare Capital LLC increased its position in AbbVie by 1.7% in the 3rd quarter. Townsquare Capital LLC now owns 140,683 shares of the company’s stock valued at $27,782,000 after acquiring an additional 2,368 shares during the period. Cadence Bank raised its stake in AbbVie by 0.7% during the 3rd quarter. Cadence Bank now owns 100,082 shares of the company’s stock valued at $19,764,000 after acquiring an additional 688 shares during the last quarter. Carlson Capital Management acquired a new stake in AbbVie during the 3rd quarter worth approximately $311,000. Finally, Shum Financial Group Inc. purchased a new position in shares of AbbVie in the 3rd quarter valued at approximately $1,111,000. 70.23% of the stock is 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.