Piper Sandler Increases AbbVie (NYSE:ABBV) Price Target to $209.00

AbbVie (NYSE:ABBV) had its target price raised by equities researchers at Piper Sandler from $196.00 to $209.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 5.80% from the stock’s current price.

ABBV has been the subject of several other research reports. Wells Fargo & Company raised their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Finally, BMO Capital Markets boosted their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $191.64.

AbbVie Trading Up 0.6 %

Shares of AbbVie stock opened at $197.55 on Friday. The stock has a market capitalization of $348.85 billion, a P/E ratio of 58.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The company has a 50-day simple moving average of $178.93 and a 200 day simple moving average of $173.16. AbbVie has a 12-month low of $135.85 and a 12-month high of $197.98.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $2.91 EPS. Research analysts expect that AbbVie will post 10.87 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $26,000. Fairway Wealth LLC bought a new position in shares of AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the second quarter valued at about $27,000. Able Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $33,000. Finally, IFS Advisors LLC bought a new position in shares of AbbVie in the first quarter valued at about $36,000. 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.