AbbVie (NYSE:ABBV) Receives “Overweight” Rating from Piper Sandler Companies

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating restated by analysts at Piper Sandler Companies in a research note issued to investors on Wednesday, Stock Target Advisor reports. They presently have a $190.00 price objective on the stock. Piper Sandler Companies’ price objective suggests a potential upside of 14.48% from the company’s previous close.

Several other analysts have also weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. Guggenheim boosted their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Barclays cut their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Tuesday. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Stock Performance

AbbVie stock opened at $165.97 on Wednesday. The stock’s 50 day moving average price is $164.65 and its 200 day moving average price is $167.74. The firm has a market capitalization of $293.08 billion, a PE ratio of 49.25, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie has a one year low of $132.70 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business earned $2.46 EPS. As a group, sell-side analysts expect that AbbVie will post 11.27 EPS for the current fiscal year.

Institutional Trading of AbbVie

Several hedge funds have recently added to or reduced their stakes in the business. Modus Advisors LLC boosted its stake in AbbVie by 2.8% during the 2nd quarter. Modus Advisors LLC now owns 23,819 shares of the company’s stock valued at $4,085,000 after purchasing an additional 660 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in AbbVie by 0.8% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 193,945 shares of the company’s stock valued at $33,265,000 after purchasing an additional 1,566 shares during the period. First Hawaiian Bank boosted its stake in AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares during the period. GAMMA Investing LLC lifted its position in shares of AbbVie by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 28,000 shares of the company’s stock worth $4,802,000 after acquiring an additional 8,640 shares during the period. Finally, Transcend Capital Advisors LLC lifted its position in shares of AbbVie by 61.2% in the 2nd quarter. Transcend Capital Advisors LLC now owns 46,227 shares of the company’s stock worth $7,929,000 after acquiring an additional 17,559 shares during the period. Institutional investors own 70.23% of the company’s stock.

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.