Guggenheim Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its price objective hoisted by equities researchers at Guggenheim from $212.00 to $221.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 9.31% from the company’s current price.

ABBV has been the topic of a number of other reports. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. Barclays increased their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Citigroup boosted their target price on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Truist Financial increased their price target on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Sanford C. Bernstein began coverage on AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.72.

AbbVie Price Performance

NYSE:ABBV traded up $0.50 during trading hours on Wednesday, reaching $202.18. 2,330,260 shares of the company were exchanged, compared to its average volume of 5,306,065. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market cap of $357.12 billion, a PE ratio of 70.17, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. AbbVie has a twelve month low of $135.85 and a twelve month high of $207.32. The stock’s 50-day moving average is $194.29 and its 200-day moving average is $180.10.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company posted $2.95 EPS. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie will post 10.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbbVie

Several large investors have recently added to or reduced their stakes in ABBV. CIBC Asset Management Inc increased its position in shares of AbbVie by 5.9% during the third quarter. CIBC Asset Management Inc now owns 362,342 shares of the company’s stock worth $71,538,000 after acquiring an additional 20,137 shares during the period. Oak Harbor Wealth Partners LLC grew its stake in AbbVie by 4.0% during the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 4,070 shares of the company’s stock worth $804,000 after purchasing an additional 157 shares in the last quarter. Sargent Investment Group LLC increased its holdings in AbbVie by 3.2% during the 3rd quarter. Sargent Investment Group LLC now owns 47,162 shares of the company’s stock worth $9,314,000 after purchasing an additional 1,470 shares during the period. Omnia Family Wealth LLC raised its position in AbbVie by 8.4% in the 3rd quarter. Omnia Family Wealth LLC now owns 4,091 shares of the company’s stock valued at $808,000 after purchasing an additional 317 shares in the last quarter. Finally, Lifeworks Advisors LLC boosted its stake in shares of AbbVie by 3.9% in the 3rd quarter. Lifeworks Advisors LLC now owns 33,698 shares of the company’s stock valued at $6,655,000 after buying an additional 1,269 shares during the period. 70.23% of the stock is owned by hedge funds and other 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.