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

AbbVie (NYSE:ABBV) had its price target lifted by Citigroup from $170.00 to $215.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 14.73% from the stock’s previous close.

A number of other research firms have also weighed in on ABBV. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. TD Cowen upped their price objective on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets upped their price objective on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

AbbVie Trading Down 1.2 %

Shares of ABBV traded down $2.25 during trading hours on Friday, reaching $187.40. 2,122,053 shares of the company traded hands, compared to its average volume of 5,278,757. The firm has a market cap of $330.92 billion, a price-to-earnings ratio of 55.73, a PEG ratio of 2.66 and a beta of 0.63. AbbVie has a 12-month low of $135.85 and a 12-month high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock’s fifty day moving average price is $194.22 and its 200 day moving average price is $178.08.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the firm earned $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that AbbVie will post 10.85 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

Hedge funds have recently bought and sold shares of the stock. Fairway Wealth LLC purchased a new stake in AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie in the 3rd quarter worth approximately $39,000. Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the 1st quarter worth approximately $37,000. Finally, Quest Partners LLC boosted its position in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. Hedge funds and other 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.