AbbVie (NYSE:ABBV) Stock Price Up 1.5% on Analyst Upgrade

AbbVie Inc. (NYSE:ABBV) shares rose 1.5% during trading on Tuesday 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 $172.27. Approximately 1,254,449 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 5,428,700 shares. The stock had previously closed at $169.68.

ABBV has been the topic of a number of other research reports. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Cantor Fitzgerald started coverage on AbbVie in a research note on Friday, May 17th. They set an “overweight” rating and a $200.00 price target on the stock. BMO Capital Markets dropped their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Barclays dropped their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Finally, Guggenheim raised their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

Institutional Trading of AbbVie

Hedge funds have recently added to or reduced their stakes in the stock. Aigen Investment Management LP acquired a new stake in shares of AbbVie in the 3rd quarter valued at approximately $986,000. Rathbones Group PLC increased its stake in AbbVie by 17.5% in the 3rd quarter. Rathbones Group PLC now owns 109,206 shares of the company’s stock valued at $16,278,000 after purchasing an additional 16,280 shares in the last quarter. V Square Quantitative Management LLC increased its stake in AbbVie by 939.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 1,434 shares of the company’s stock valued at $214,000 after purchasing an additional 1,296 shares in the last quarter. Acadian Asset Management LLC increased its stake in AbbVie by 16.4% in the 3rd quarter. Acadian Asset Management LLC now owns 354,943 shares of the company’s stock valued at $52,887,000 after purchasing an additional 49,880 shares in the last quarter. Finally, Clearbridge Investments LLC increased its stake in AbbVie by 5.9% in the 3rd quarter. Clearbridge Investments LLC now owns 3,724,802 shares of the company’s stock valued at $555,219,000 after purchasing an additional 208,675 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 1.0 %

The stock has a market capitalization of $302.58 billion, a PE ratio of 50.85, a P/E/G ratio of 2.16 and a beta of 0.60. The firm has a 50 day moving average of $163.58 and a two-hundred day moving average of $166.38. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

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