AbbVie’s (ABBV) Overweight Rating Reaffirmed at Cantor Fitzgerald

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They currently have a $200.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 8.91% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Truist Financial reissued a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Morgan Stanley upped their price objective on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Piper Sandler reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Tuesday, July 2nd. Finally, HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $188.71.

AbbVie Trading Down 3.0 %

Shares of NYSE:ABBV traded down $5.66 during midday trading on Monday, reaching $183.63. 4,090,451 shares of the company’s stock were exchanged, compared to its average volume of 5,582,250. The stock has a market cap of $324.27 billion, a price-to-earnings ratio of 54.75, a P/E/G ratio of 2.49 and a beta of 0.64. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $193.91. The firm’s 50 day simple moving average is $170.28 and its two-hundred day simple moving average is $170.48. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.91 EPS. As a group, sell-side analysts forecast that AbbVie will post 10.87 EPS for the current fiscal year.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Several hedge funds have recently added to or reduced their stakes in ABBV. American National Bank grew its stake in AbbVie by 4.8% during the fourth quarter. American National Bank now owns 59,392 shares of the company’s stock worth $9,204,000 after buying an additional 2,695 shares in the last quarter. AXS Investments LLC increased its stake in AbbVie by 3.3% in the fourth quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after acquiring an additional 307 shares during the last quarter. TCI Wealth Advisors Inc. raised its position in AbbVie by 1.0% during the fourth quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock valued at $2,641,000 after purchasing an additional 165 shares in the last quarter. Mizuho Markets Americas LLC lifted its stake in AbbVie by 33.4% during the fourth quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after purchasing an additional 7,737 shares during the last quarter. Finally, Opinicus Capital Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at $1,296,000. Institutional investors and hedge funds 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.