AbbVie (NYSE:ABBV) Price Target Cut to $211.00 by Analysts at Truist Financial

AbbVie (NYSE:ABBV) had its price target cut by Truist Financial from $215.00 to $211.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 18.11% from the stock’s previous close.

A number of other research analysts have also recently commented on the stock. Bank of America reaffirmed a “neutral” rating and issued a $191.00 target price on shares of AbbVie in a research report on Tuesday, December 10th. Piper Sandler lifted their target price on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Wells Fargo & Company upped their price target on AbbVie to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wolfe Research started coverage on AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective for the company. Finally, Daiwa Capital Markets lowered AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research note on Thursday, December 5th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $205.50.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $178.65 on Wednesday. The business’s 50 day moving average price is $179.04 and its 200-day moving average price is $184.34. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm has a market capitalization of $315.70 billion, a PE ratio of 62.03, a P/E/G ratio of 1.92 and a beta of 0.58. AbbVie has a 1 year low of $153.58 and a 1 year high of $207.32.

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

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently added to or reduced their stakes in ABBV. Quest Partners LLC lifted its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. LGT Fund Management Co Ltd. acquired a new stake in shares of AbbVie during the second quarter valued at about $443,000. MGO One Seven LLC increased its position in shares of AbbVie by 9.9% during the second quarter. MGO One Seven LLC now owns 28,625 shares of the company’s stock worth $4,910,000 after acquiring an additional 2,589 shares during the last quarter. Angeles Wealth Management LLC lifted its stake in shares of AbbVie by 29.4% in the second quarter. Angeles Wealth Management LLC now owns 12,560 shares of the company’s stock worth $2,154,000 after acquiring an additional 2,850 shares in the last quarter. Finally, AGF Management Ltd. boosted its holdings in AbbVie by 3.8% in the second quarter. AGF Management Ltd. now owns 838,407 shares of the company’s stock valued at $143,804,000 after purchasing an additional 30,848 shares during the last quarter. Hedge funds and other 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.