Barclays Cuts AbbVie (NYSE:ABBV) Price Target to $187.00

AbbVie (NYSE:ABBV) had its price objective lowered by analysts at Barclays from $195.00 to $187.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 16.84% from the company’s previous close.

Several other research firms also recently commented on ABBV. BMO Capital Markets reduced their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Truist Financial raised their target price on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Raymond James raised their target price on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, Guggenheim lifted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.31.

AbbVie Stock Up 0.3 %

ABBV traded up $0.43 during trading on Monday, reaching $160.05. The stock had a trading volume of 1,751,531 shares, compared to its average volume of 5,605,466. The stock’s 50 day moving average is $174.59 and its two-hundred day moving average is $160.90. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The company has a market capitalization of $283.39 billion, a price-to-earnings ratio of 47.49, a P/E/G ratio of 2.03 and a beta of 0.58. AbbVie has a one year low of $130.96 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same period last year, the company earned $2.46 earnings per share. The company’s revenue was up .7% on a year-over-year basis. As a group, analysts expect that AbbVie will post 11.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 in the last quarter. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AbbVie

Hedge funds have recently made changes to their positions in the stock. Vermillion & White Wealth Management Group LLC purchased a new stake in AbbVie in the fourth quarter valued at about $26,000. Able Wealth Management LLC purchased a new position in shares of AbbVie in the fourth quarter worth about $33,000. IFS Advisors LLC purchased a new position in shares of AbbVie in the first quarter worth about $36,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie in the fourth quarter worth about $37,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie in the first quarter worth about $37,000. 70.23% of the stock is currently 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.