AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Citigroup Analyst Says

AbbVie (NYSE:ABBV) had its price objective boosted by Citigroup to $205.00 in a report released on Wednesday, Stock Target Advisor reports. The firm presently has a “hold” rating on the stock. Citigroup’s price objective suggests a potential upside of 7.14% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley boosted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. BNP Paribas raised AbbVie to a “hold” rating in a report on Thursday, May 8th. Erste Group Bank raised AbbVie to a “strong-buy” rating in a report on Monday, March 17th. The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Finally, Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Stock Performance

Shares of ABBV traded up $1.85 during mid-day trading on Wednesday, hitting $191.35. The stock had a trading volume of 555,153 shares, compared to its average volume of 6,212,128. AbbVie has a 52 week low of $163.52 and a 52 week high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The business has a fifty day moving average price of $183.68 and a 200-day moving average price of $187.29. The firm has a market cap of $337.99 billion, a P/E ratio of 79.80, a PEG ratio of 1.62 and a beta of 0.50.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.31 EPS. On average, equities research analysts expect that AbbVie will post 12.31 EPS for the current year.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Hedge funds have recently made changes to their positions in the company. TD Capital Management LLC boosted its stake in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares in the last quarter. EnRich Financial Partners LLC boosted its position in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC purchased a new stake in shares of AbbVie in the 4th quarter worth approximately $30,000. Abound Financial LLC purchased a new stake in shares of AbbVie in the 1st quarter worth approximately $30,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in AbbVie during the 4th quarter valued at approximately $31,000. 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.