AbbVie (NYSE:ABBV) Price Target Lowered to $205.00 at Citigroup

AbbVie (NYSE:ABBV) had its price target reduced by research analysts at Citigroup from $215.00 to $205.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 15.89% from the stock’s previous close.

ABBV has been the subject of several other research reports. Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 price target on shares of AbbVie in a research report on Tuesday, December 17th. Wells Fargo & Company upped their price objective on AbbVie to $195.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Truist Financial dropped their price target on AbbVie from $215.00 to $211.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Piper Sandler increased their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $205.00.

AbbVie Stock Performance

Shares of ABBV opened at $176.90 on Tuesday. The company has a market capitalization of $312.60 billion, a price-to-earnings ratio of 61.42, a PEG ratio of 1.68 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie has a 1 year low of $153.58 and a 1 year high of $207.32. The company’s 50 day simple moving average is $175.84 and its 200 day simple moving average is $184.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the firm earned $2.95 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that AbbVie will post 10.06 EPS for the current year.

Insider Buying and Selling

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. increased its holdings in shares of AbbVie by 0.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 227,071 shares of the company’s stock worth $38,948,000 after acquiring an additional 1,843 shares during the period. Invst LLC increased its stake in shares of AbbVie by 23.0% in the second quarter. Invst LLC now owns 4,133 shares of the company’s stock valued at $704,000 after purchasing an additional 774 shares during the period. Gateway Wealth Partners LLC raised its holdings in shares of AbbVie by 10.2% during the second quarter. Gateway Wealth Partners LLC now owns 2,703 shares of the company’s stock valued at $464,000 after buying an additional 250 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in shares of AbbVie by 1.6% during the second quarter. Pathway Financial Advisers LLC now owns 32,917 shares of the company’s stock worth $5,621,000 after buying an additional 520 shares during the period. Finally, Ted Buchan & Co bought a new position in AbbVie in the 2nd quarter worth approximately $272,000. 70.23% of the stock is currently owned by institutional investors.

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.