AbbVie (NYSE:ABBV) PT Raised to $195.00 at Barclays

AbbVie (NYSE:ABBV) had its price target increased by research analysts at Barclays from $185.00 to $195.00 in a research report issued on Wednesday, MarketBeat reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 7.16% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Guggenheim boosted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Truist Financial boosted their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. HSBC cut shares of AbbVie from a “buy” rating to a “hold” rating and reduced their target price for the stock from $167.00 to $156.00 in a research report on Monday, December 18th. BMO Capital Markets lifted their price target on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $177.43.

AbbVie Price Performance

AbbVie stock opened at $181.97 on Wednesday. AbbVie has a 1 year low of $130.96 and a 1 year high of $182.89. The firm has a 50 day moving average price of $174.51 and a 200 day moving average price of $157.96. The company has a market cap of $322.21 billion, a price-to-earnings ratio of 66.66, a PEG ratio of 2.28 and a beta of 0.58. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. The firm had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. AbbVie’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.60 earnings per share. Sell-side analysts predict that AbbVie will post 11.15 earnings per share for the current year.

Insider Buying and Selling

In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $177.44, for a total value of $2,509,001.60. Following the completion of the sale, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock valued at $67,780,003 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

Institutional Trading of AbbVie

A number of hedge funds have recently bought and sold shares of ABBV. Moneta Group Investment Advisors LLC lifted its stake in AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after buying an additional 29,170,366 shares in the last quarter. Norges Bank acquired a new position in shares of AbbVie in the 4th quarter valued at about $3,229,888,000. Massachusetts Financial Services Co. MA increased its holdings in shares of AbbVie by 29,922.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock valued at $899,186,000 after purchasing an additional 6,012,281 shares during the period. Morgan Stanley increased its holdings in shares of AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after purchasing an additional 4,785,277 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock valued at $754,155,000 after purchasing an additional 3,768,579 shares during the period. 70.23% of the stock is owned by hedge funds and other 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.