Bank of America Increases AbbVie (NYSE:ABBV) Price Target to $195.00

AbbVie (NYSE:ABBV) had its target price raised by Bank of America from $185.00 to $195.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 3.25% from the company’s current price.

ABBV has been the subject of several other research reports. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. TD Cowen upped their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Finally, UBS Group lifted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Stock Performance

Shares of ABBV opened at $188.86 on Friday. The business has a 50-day simple moving average of $194.44 and a two-hundred day simple moving average of $177.74. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95. The stock has a market cap of $333.50 billion, a price-to-earnings ratio of 56.04, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the business earned $2.91 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, analysts expect that AbbVie will post 10.85 EPS for the current year.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by insiders.

Institutional Trading of AbbVie

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the last quarter. Capital World Investors grew its stake in AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after purchasing an additional 3,120,310 shares in the last quarter. Capital International Investors increased its holdings in AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. TD Asset Management Inc lifted its holdings in shares of AbbVie by 156.0% in the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after buying an additional 2,116,997 shares during the period. Finally, Swedbank AB bought a new position in shares of AbbVie during the 1st quarter worth $367,372,000. 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.