Guggenheim Raises AbbVie (NYSE:ABBV) Price Target to $216.00

AbbVie (NYSE:ABBV) had its target price lifted by research analysts at Guggenheim from $214.00 to $216.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price would suggest a potential upside of 12.25% from the stock’s previous close.

Several other analysts have also issued reports on ABBV. Truist Financial upped their price target on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. UBS Group lifted their price target on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Citigroup lifted their target price on shares of AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley upped their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.41.

AbbVie Stock Performance

NYSE:ABBV opened at $192.43 on Tuesday. The stock has a market cap of $340.40 billion, a P/E ratio of 80.18, a PEG ratio of 1.62 and a beta of 0.55. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The business’s 50-day moving average price is $196.75 and its two-hundred day moving average price is $187.12. AbbVie has a twelve month low of $153.58 and a twelve month high of $218.66.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same period in the previous year, the business earned $2.31 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts predict that AbbVie will post 12.31 EPS for the current fiscal year.

Insider Buying and Selling at AbbVie

In related news, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the transaction, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,471 shares of company stock valued at $23,426,451. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Institutional investors and hedge funds have recently modified their holdings of the stock. Fiduciary Advisors Inc. purchased a new stake in AbbVie in the 4th quarter worth $29,000. EnRich Financial Partners LLC lifted its position in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC bought a new position in AbbVie during the fourth quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie during the 4th quarter valued at approximately $31,000. Finally, Prudent Man Investment Management Inc. bought a new stake in AbbVie in the 4th quarter worth approximately $32,000. 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.