AbbVie (NYSE:ABBV) Given New $195.00 Price Target at Wells Fargo & Company

AbbVie (NYSE:ABBV) had its price objective boosted by analysts at Wells Fargo & Company to $195.00 in a research note issued on Tuesday, Stock Target Advisor reports. The firm presently has a “buy” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 16.25% from the stock’s previous close.

Several other brokerages also recently weighed in on ABBV. Morgan Stanley lowered their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Bank of America lifted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Guggenheim upped their price objective on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, UBS Group lifted their target price on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $203.37.

AbbVie Stock Performance

ABBV opened at $167.74 on Tuesday. The company’s 50 day moving average is $190.25 and its 200 day moving average is $181.01. 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 company has a market cap of $296.42 billion, a price-to-earnings ratio of 58.24, a PEG ratio of 2.01 and a beta of 0.63. AbbVie has a 12-month low of $137.65 and a 12-month high of $207.32.

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

Hedge Funds Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter worth $27,000. Groupama Asset Managment lifted its holdings in shares of AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie in the 3rd quarter worth $28,000. Finally, Quest Partners LLC grew its stake in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

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.