AbbVie (NYSE:ABBV) Price Target Raised to $235.00

AbbVie (NYSE:ABBV) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $200.00 to $235.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.84% from the company’s previous close.

A number of other research firms also recently commented on ABBV. BMO Capital Markets increased their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America raised their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Cantor Fitzgerald lifted their target price on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday. Morgan Stanley lifted their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $220.43.

AbbVie Price Performance

Shares of ABBV opened at $217.92 on Tuesday. The firm has a market capitalization of $384.97 billion, a PE ratio of 103.77, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie has a 1-year low of $163.81 and a 1-year high of $221.76. The company’s fifty day moving average price is $200.86 and its 200-day moving average price is $194.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company posted $2.65 EPS. The company’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts predict that AbbVie will post 12.31 EPS for the current year.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ABBV. Milestones Private Investment Advisors LLC acquired a new stake in AbbVie in the second quarter worth about $240,000. NWF Advisory Services Inc. raised its stake in shares of AbbVie by 41.2% during the 2nd quarter. NWF Advisory Services Inc. now owns 13,504 shares of the company’s stock worth $2,507,000 after purchasing an additional 3,939 shares in the last quarter. American Trust raised its stake in shares of AbbVie by 36.8% during the 2nd quarter. American Trust now owns 23,890 shares of the company’s stock worth $4,434,000 after purchasing an additional 6,421 shares in the last quarter. Evolution Wealth Management Inc. acquired a new position in shares of AbbVie during the 2nd quarter worth approximately $26,000. Finally, Total Investment Management Inc. acquired a new position in AbbVie in the 2nd quarter valued at $187,000. 70.23% of the stock is 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.