Truist Financial Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its price target increased by research analysts at Truist Financial from $211.00 to $217.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 14.53% from the company’s previous close.

A number of other research firms also recently issued reports on ABBV. Raymond James restated an “outperform” rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a report on Monday. UBS Group increased their target price on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price target for the company. in a research report on Thursday, December 5th. Wolfe Research began coverage on AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective on the stock. Finally, TD Cowen boosted their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.85.

AbbVie Trading Up 3.0 %

ABBV stock traded up $5.57 during midday trading on Monday, hitting $189.47. The stock had a trading volume of 4,306,041 shares, compared to its average volume of 6,123,359. AbbVie has a 12-month low of $153.58 and a 12-month high of $207.32. The firm has a market cap of $334.81 billion, a PE ratio of 78.99, a price-to-earnings-growth ratio of 1.84 and a beta of 0.58. The company’s 50-day moving average price is $176.57 and its 200 day moving average price is $185.13. 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 announced its quarterly earnings data on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same period in the previous year, the company posted $2.79 earnings per share. On average, equities research analysts predict that AbbVie will post 12.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of AbbVie

Hedge funds have recently made changes to their positions in the stock. AMF Tjanstepension AB bought a new position in shares of AbbVie during the third quarter worth about $8,777,000. Czech National Bank boosted its stake in AbbVie by 6.9% during the 3rd quarter. Czech National Bank now owns 359,823 shares of the company’s stock valued at $71,058,000 after purchasing an additional 23,320 shares during the period. GAMMA Investing LLC grew its position in AbbVie by 28.6% in the 3rd quarter. GAMMA Investing LLC now owns 36,014 shares of the company’s stock worth $7,112,000 after purchasing an additional 8,014 shares during the last quarter. WealthBridge Capital Management LLC increased its stake in shares of AbbVie by 8.6% in the third quarter. WealthBridge Capital Management LLC now owns 12,256 shares of the company’s stock valued at $2,420,000 after purchasing an additional 972 shares during the period. Finally, Diversified Trust Co raised its holdings in shares of AbbVie by 9.1% during the third quarter. Diversified Trust Co now owns 39,966 shares of the company’s stock valued at $7,892,000 after buying an additional 3,324 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

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.