Wolfe Research Begins Coverage on AbbVie (NYSE:ABBV)

Wolfe Research initiated coverage on shares of AbbVie (NYSE:ABBV) in a report issued on Friday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $205.00 price target on the stock. Wolfe Research’s target price would suggest a potential upside of 24.25% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Citigroup decreased their target price on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Truist Financial raised 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, Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Trading Down 2.7 %

Shares of NYSE ABBV opened at $164.99 on Friday. AbbVie has a 12-month low of $137.05 and a 12-month high of $207.32. The company has a market cap of $291.56 billion, a price-to-earnings ratio of 57.29, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock’s 50 day simple moving average is $192.04 and its 200 day simple moving average is $180.78.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business posted $2.95 earnings per share. Equities research analysts expect that AbbVie will post 10.95 EPS for the current year.

Institutional Investors Weigh In On AbbVie

Large investors have recently modified their holdings of the stock. State Street Corp raised its holdings in shares of AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after acquiring an additional 1,267,685 shares during the period. Capital International Investors raised its stake in AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. Capital Research Global Investors lifted its holdings in shares of AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after purchasing an additional 992,496 shares in the last quarter. Legal & General Group Plc boosted its position in shares of AbbVie by 0.9% in the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after buying an additional 134,239 shares during the period. Finally, FMR LLC grew its holdings in shares of AbbVie by 3.9% during the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock valued at $2,691,732,000 after buying an additional 511,470 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

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.