AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Raymond James Financial Analyst Says

AbbVie (NYSE:ABBV) had its price target boosted by Raymond James Financial from $227.00 to $236.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial’s price objective would indicate a potential upside of 20.92% from the company’s previous close.

A number of other research firms also recently issued reports on ABBV. BNP Paribas upgraded AbbVie to a “hold” rating in a research note on Thursday, May 8th. Morgan Stanley boosted their price target on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Cantor Fitzgerald started coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective on the stock. Finally, Guggenheim lifted their price objective on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $212.81.

AbbVie Trading Up 3.3%

AbbVie stock opened at $195.17 on Friday. The business has a 50-day simple moving average of $188.33 and a two-hundred day simple moving average of $190.30. The company has a market cap of $344.75 billion, a P/E ratio of 92.94, a P/E/G ratio of 1.29 and a beta of 0.50. AbbVie has a 52-week low of $163.81 and a 52-week high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 518.10%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.65 earnings per share. Analysts predict that AbbVie will post 12.31 EPS for the current year.

Institutional Trading of AbbVie

Several hedge funds have recently modified their holdings of ABBV. Brighton Jones LLC raised its holdings in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares in the last quarter. DF Dent & Co. Inc. raised its holdings in shares of AbbVie by 0.4% during the 4th quarter. DF Dent & Co. Inc. now owns 27,922 shares of the company’s stock worth $4,962,000 after acquiring an additional 110 shares in the last quarter. Atlas Capital Advisors Inc. raised its holdings in shares of AbbVie by 405.4% during the 4th quarter. Atlas Capital Advisors Inc. now owns 7,106 shares of the company’s stock worth $1,263,000 after acquiring an additional 5,700 shares in the last quarter. Finally, Orleans Capital Management Corp LA raised its holdings in shares of AbbVie by 1.3% during the 4th quarter. Orleans Capital Management Corp LA now owns 20,880 shares of the company’s stock worth $4,005,000 after acquiring an additional 270 shares in the last quarter. 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.