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

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating reissued by research analysts at Piper Sandler in a note issued to investors on Tuesday, Benzinga reports. They presently have a $190.00 target price on the stock. Piper Sandler’s price objective indicates a potential upside of 14.27% from the stock’s current price.

Several other analysts have also recently commented on the stock. Barclays decreased their price target on shares of 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 dropped their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Finally, Guggenheim boosted their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $4.10 during trading on Tuesday, hitting $166.27. The company had a trading volume of 2,514,347 shares, compared to its average volume of 5,646,438. AbbVie has a 12 month low of $132.70 and a 12 month high of $182.89. The firm has a market capitalization of $293.61 billion, a P/E ratio of 49.20, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. The stock has a 50 day simple moving average of $164.60 and a 200 day simple moving average of $167.63. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

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

Institutional Trading of AbbVie

A number of large investors have recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie in the fourth quarter valued at about $26,000. Able Wealth Management LLC bought a new position in AbbVie in the fourth quarter worth approximately $33,000. IFS Advisors LLC purchased a new stake in AbbVie during the first quarter worth $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the 4th quarter valued at $37,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie in the 1st quarter valued at $37,000. Hedge funds and other institutional investors 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.