AbbVie (NYSE:ABBV) Earns Overweight Rating from Piper Sandler Companies

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating reaffirmed by Piper Sandler Companies in a research report issued on Wednesday, Stock Target Advisor reports. They presently have a $190.00 target price on the stock. Piper Sandler Companies’ price objective indicates a potential upside of 15.97% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Barclays dropped their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Thursday, June 20th. Finally, BMO Capital Markets dropped their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $181.07.

AbbVie Price Performance

NYSE ABBV opened at $163.84 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The stock has a market capitalization of $289.32 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64. The company has a 50 day moving average price of $164.50 and a two-hundred day moving average price of $167.80. AbbVie has a 12-month low of $132.70 and a 12-month high of $182.89.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The company’s revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.46 earnings per share. As a group, equities analysts predict that AbbVie will post 11.27 earnings per share for the current fiscal year.

Institutional Trading of AbbVie

Institutional investors and hedge funds have recently modified their holdings of the stock. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie in the 4th quarter valued at about $26,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter valued at about $33,000. IFS Advisors LLC bought a new stake in AbbVie during the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the 4th quarter worth approximately $37,000. Finally, Redmont Wealth Advisors LLC bought a new stake in AbbVie during the 1st quarter worth approximately $37,000. 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.