Brokerages Set AbbVie Inc. (NYSE:ABBV) Target Price at $253.43

Shares of AbbVie Inc. (NYSE:ABBV) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-five analysts that are covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $253.4286.

ABBV has been the topic of several research analyst reports. Evercore set a $235.00 price target on AbbVie in a research note on Friday, May 15th. Barclays assumed coverage on AbbVie in a research note on Thursday, February 19th. They issued an “overweight” rating and a $275.00 target price on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a research note on Thursday, February 5th. Finally, Morgan Stanley upped their target price on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th.

AbbVie Stock Down 0.4%

Shares of ABBV stock opened at $217.83 on Wednesday. AbbVie has a 52-week low of $181.73 and a 52-week high of $244.81. The stock’s 50-day moving average price is $208.43 and its 200 day moving average price is $219.66. The stock has a market capitalization of $384.85 billion, a PE ratio of 107.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.46 EPS. Analysts expect that AbbVie will post 14.3 earnings per share for the current fiscal year.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

Insider Transactions at AbbVie

In related news, SVP David Ryan Purdue sold 5,230 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the sale, the senior vice president owned 2,654 shares of the company’s stock, valued at approximately $619,868.24. This represents a 66.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ABBV. Brighton Jones LLC raised its holdings in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. Schnieders Capital Management LLC. increased its holdings in shares of AbbVie by 5.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after buying an additional 789 shares during the last quarter. Ieq Capital LLC increased its holdings in shares of AbbVie by 4.6% during the 2nd quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after buying an additional 5,274 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC increased its holdings in shares of AbbVie by 117.3% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after buying an additional 612,702 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.