Bank of America Raises AbbVie (NYSE:ABBV) Price Target to $251.00

AbbVie (NYSE:ABBV) had its target price lifted by stock analysts at Bank of America from $220.00 to $251.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 7.24% from the company’s current price.

Several other equities research analysts have also issued reports on ABBV. JPMorgan Chase & Co. raised their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Guggenheim lifted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Citigroup lifted their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Finally, Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective for the company. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $228.22.

AbbVie Price Performance

AbbVie stock opened at $234.07 on Friday. The firm has a 50-day moving average price of $210.77 and a 200-day moving average price of $195.90. The firm has a market capitalization of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.65 EPS. As a group, equities research analysts forecast that AbbVie will post 12.31 EPS for the current year.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $25,000. Evolution Wealth Management Inc. purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $26,000. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Spurstone Advisory Services LLC purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $28,000. Finally, Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors 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.