AbbVie (NYSE:ABBV) Stock Price Up 0.2% – Here’s Why

AbbVie Inc. (NYSE:ABBV)’s stock price traded up 0.2% on Monday . The company traded as high as $185.00 and last traded at $184.41. 982,249 shares changed hands during trading, a decline of 84% from the average session volume of 6,227,264 shares. The stock had previously closed at $184.02.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Raymond James reaffirmed an “outperform” rating and set a $220.00 target price (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. StockNews.com raised AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 28th. Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price target for the company. Morgan Stanley increased their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Finally, UBS Group increased their price target on AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $210.95.

AbbVie Trading Up 0.9%

The firm has a 50 day simple moving average of $191.30 and a 200 day simple moving average of $186.85. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The firm has a market cap of $327.92 billion, a P/E ratio of 77.35, a P/E/G ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $2.31 EPS. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Insider Activity

In other news, 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 transaction of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. The trade was a 40.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,471 shares of company stock worth $23,426,451. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AbbVie

Several hedge funds have recently added to or reduced their stakes in ABBV. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Fiduciary Advisors Inc. purchased a new stake in AbbVie in the fourth quarter worth about $29,000. EnRich Financial Partners LLC increased its position in 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 purchased a new stake in AbbVie in the fourth quarter worth about $30,000. Finally, Abound Financial LLC purchased a new stake in AbbVie in the first quarter worth about $30,000. 70.23% of the stock is owned by institutional investors.

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.