AbbVie (NYSE:ABBV – Free Report) had its price objective lifted by Truist Financial from $180.00 to $195.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.
A number of other equities analysts have also weighed in on the stock. Morgan Stanley boosted their price target on shares of AbbVie from $193.00 to $196.00 and gave the stock an overweight rating in a research report on Monday, October 30th. UBS Group lowered their price target on shares of AbbVie from $157.00 to $150.00 and set a neutral rating on the stock in a research report on Friday, October 20th. HSBC lowered shares of AbbVie from a buy rating to a hold rating and lowered their price target for the stock from $167.00 to $156.00 in a research report on Monday, December 18th. William Blair upgraded shares of AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of AbbVie in a research note on Thursday, November 9th. They issued a hold rating and a $150.00 price target for the company. Eight 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, the company has a consensus rating of Moderate Buy and a consensus price target of $171.47.
AbbVie Stock Down 0.1 %
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. The firm had revenue of $14.30 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 154.73%. AbbVie’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.60 earnings per share. Equities analysts predict that AbbVie will post 11.15 EPS for the current fiscal year.
Insider Transactions at AbbVie
In other news, EVP Nicholas Donoghoe sold 2,912 shares of the company’s stock in a transaction that occurred on Tuesday, December 26th. The shares were sold at an average price of $154.72, for a total value of $450,544.64. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at approximately $8,649,312.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.26% of the company’s stock.
Hedge Funds Weigh In On AbbVie
Several large investors have recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC lifted its holdings in AbbVie by 89,097.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after buying an additional 29,170,366 shares in the last quarter. Norges Bank acquired a new stake in AbbVie during the 4th quarter worth approximately $3,033,348,000. Massachusetts Financial Services Co. MA lifted its holdings in AbbVie by 29,922.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock worth $899,186,000 after buying an additional 6,012,281 shares in the last quarter. Morgan Stanley lifted its holdings in AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after buying an additional 4,785,277 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in AbbVie by 426.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after buying an additional 3,768,579 shares in the last quarter. 67.86% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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