Piper Sandler Reiterates Overweight Rating for AbbVie (NYSE:ABBV)

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $190.00 price target on the stock. Piper Sandler’s target price suggests a potential upside of 15.97% from the stock’s previous close.

A number of other research analysts also recently weighed in on ABBV. Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. BMO Capital Markets reduced their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Guggenheim upped their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Trading Down 1.3 %

Shares of ABBV opened at $163.84 on Tuesday. The stock’s fifty day simple moving average is $164.58 and its 200-day simple moving average is $167.82. 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 firm has a market capitalization of $289.32 billion, a PE ratio of 48.66, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. AbbVie has a 12-month low of $132.70 and a 12-month high of $182.89.

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

Institutional Trading of AbbVie

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABBV. Norges Bank bought a new stake in shares of AbbVie during the 4th quarter valued at about $3,229,888,000. Vanguard Group Inc. grew its position in shares of AbbVie by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $499,955,000. Capital World Investors increased its stake in shares of AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after acquiring an additional 3,120,310 shares in the last quarter. Finally, Capital International Investors lifted its position in shares of 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 acquiring an additional 3,110,601 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.