BMO Capital Markets Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its price target raised by analysts at BMO Capital Markets from $258.00 to $300.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price target would indicate a potential upside of 20.97% from the stock’s previous close.

ABBV has been the topic of several other reports. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. increased their target price on AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Finally, Morgan Stanley upped their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $264.81.

AbbVie Price Performance

AbbVie stock opened at $248.00 on Monday. The company has a market capitalization of $438.17 billion, a PE ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. AbbVie has a one year low of $184.63 and a one year high of $261.64. The business has a 50 day simple moving average of $225.42 and a 200 day simple moving average of $221.20.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company’s revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 earnings per share. Equities analysts anticipate that AbbVie will post 14.3 earnings per share for the current fiscal year.

Institutional Trading of AbbVie

Several large investors have recently modified their holdings of the stock. Procyon Advisors LLC increased its holdings in AbbVie by 19.9% in the 4th quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock worth $7,484,000 after acquiring an additional 5,427 shares during the last quarter. Waycross Partners LLC raised its stake in shares of AbbVie by 2.9% during the fourth quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock worth $41,694,000 after acquiring an additional 5,063 shares in the last quarter. Calamos Advisors LLC lifted its stake in AbbVie by 3.4% in the fourth quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock worth $106,543,000 after purchasing an additional 15,458 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in AbbVie by 11.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 636,710 shares of the company’s stock valued at $143,026,000 after acquiring an additional 66,720 shares during the period. Finally, Bingham Private Wealth LLC bought a new position in shares of AbbVie in the fourth quarter worth approximately $1,147,000. 70.23% of the stock is owned by institutional investors and hedge funds.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.