AbbVie (NYSE:ABBV) Price Target Raised to $220.00 at Piper Sandler

AbbVie (NYSE:ABBV) had its price target raised by Piper Sandler from $212.00 to $220.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 25.89% from the company’s previous close.

Several other equities analysts also recently commented on ABBV. Citigroup lowered their price target on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Bank of America reaffirmed a “neutral” rating and issued a $191.00 price target on shares of AbbVie in a research report on Tuesday, December 10th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. UBS Group raised their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company boosted their price objective on AbbVie to $195.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.20.

AbbVie Trading Up 1.8 %

NYSE ABBV traded up $3.13 on Tuesday, hitting $174.76. 2,455,097 shares of the company were exchanged, compared to its average volume of 5,530,599. The company’s 50 day moving average price is $184.18 and its 200-day moving average price is $183.29. The firm has a market capitalization of $308.83 billion, a P/E ratio of 60.68, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58. 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 has a twelve month low of $151.29 and a twelve month high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.95 earnings per share. Analysts predict that AbbVie will post 10.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Fairway Wealth LLC acquired a new position in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter worth approximately $27,000. Groupama Asset Managment lifted its stake in AbbVie by 40.3% in the third 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 acquired a new position in shares of AbbVie in the third quarter valued at approximately $28,000. Finally, Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

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.