Evercore ISI Boosts AbbVie (NYSE:ABBV) Price Target to $222.00

AbbVie (NYSE:ABBV) had its target price upped by investment analysts at Evercore ISI from $207.00 to $222.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Evercore ISI’s price target indicates a potential downside of 1.01% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald increased their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Wells Fargo & Company increased their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Finally, Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $223.45.

AbbVie Stock Up 0.8%

Shares of NYSE ABBV traded up $1.80 on Monday, hitting $224.27. The company had a trading volume of 999,548 shares, compared to its average volume of 6,452,255. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The business has a 50 day moving average of $203.12 and a two-hundred day moving average of $194.78. AbbVie has a 12-month low of $163.81 and a 12-month high of $224.29. The firm has a market capitalization of $396.18 billion, a P/E ratio of 106.82, a PEG ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the business earned $2.65 earnings per share. The business’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie will post 12.31 earnings per share for the current fiscal year.

Insider Buying and Selling at AbbVie

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

Institutional Investors Weigh In On AbbVie

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in AbbVie by 1.9% during the second quarter. Vanguard Group Inc. now owns 177,298,707 shares of the company’s stock valued at $32,910,186,000 after purchasing an additional 3,380,842 shares during the period. Geode Capital Management LLC raised its position in AbbVie by 2.4% during the second quarter. Geode Capital Management LLC now owns 39,178,351 shares of the company’s stock valued at $7,240,169,000 after acquiring an additional 924,761 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in AbbVie by 6.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 26,783,329 shares of the company’s stock worth $4,970,848,000 after buying an additional 1,517,222 shares in the last quarter. Norges Bank acquired a new position in AbbVie during the 2nd quarter worth approximately $4,288,200,000. Finally, Northern Trust Corp increased its position in AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after buying an additional 189,294 shares during the period. Institutional investors own 70.23% of the company’s stock.

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.