BMO Capital Markets Has Lowered Expectations for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its price target decreased by analysts at BMO Capital Markets from $228.00 to $208.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ target price suggests a potential upside of 22.02% from the company’s previous close.

ABBV has been the topic of several other reports. UBS Group lifted their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Truist Financial lifted their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Barclays lifted their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley cut their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $203.83.

AbbVie Trading Down 0.4 %

Shares of AbbVie stock opened at $170.46 on Tuesday. The firm has a market capitalization of $301.23 billion, a PE ratio of 59.29, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The firm’s 50 day moving average is $193.61 and its 200 day moving average is $180.91. AbbVie has a 1 year low of $136.30 and a 1 year high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.95 EPS. Equities research analysts forecast that AbbVie will post 10.95 earnings per share for the current fiscal year.

Institutional Trading of AbbVie

Several hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. bought a new stake in AbbVie during the 1st quarter valued at $646,000. Quent Capital LLC increased its stake in AbbVie by 3.3% during the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares in the last quarter. D Orazio & Associates Inc. increased its stake in AbbVie by 8.4% during the 1st quarter. D Orazio & Associates Inc. now owns 4,589 shares of the company’s stock valued at $836,000 after purchasing an additional 355 shares in the last quarter. TBH Global Asset Management LLC increased its stake in AbbVie by 6.3% during the 1st quarter. TBH Global Asset Management LLC now owns 7,646 shares of the company’s stock valued at $1,392,000 after purchasing an additional 452 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. increased its stake in AbbVie by 20.2% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 73,947 shares of the company’s stock valued at $13,466,000 after purchasing an additional 12,419 shares in 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.