Piper Sandler Companies Reaffirms Overweight Rating for AbbVie (NYSE:ABBV)

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler Companies in a research note issued on Tuesday, Stock Target Advisor reports. They currently have a $220.00 target price on the stock. Piper Sandler Companies’ price objective would indicate a potential upside of 27.15% from the stock’s previous close.

ABBV has been the subject of several other research reports. Bank of America reissued a “neutral” rating and issued a $191.00 price objective on shares of AbbVie in a research report on Tuesday, December 10th. Truist Financial increased their price target on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Barclays increased their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Finally, Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $205.70.

AbbVie Price Performance

Shares of AbbVie stock opened at $173.02 on Tuesday. The business’s fifty day moving average price is $183.39 and its 200 day moving average price is $183.32. AbbVie has a twelve month low of $151.29 and a twelve month high of $207.32. 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 stock has a market capitalization of $305.75 billion, a P/E ratio of 60.08, a PEG ratio of 1.92 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.95 EPS. As a group, research analysts anticipate that AbbVie will post 10.96 earnings per share for the current year.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently modified their holdings of the business. RPg Family Wealth Advisory LLC acquired a new position in AbbVie in the third quarter valued at approximately $28,000. Fairway Wealth LLC acquired a new position in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the 2nd quarter worth $27,000. Marquette Asset Management LLC acquired a new stake in AbbVie in the third quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. lifted its stake in AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares during the last quarter. 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.