AbbVie (NYSE:ABBV) Stock Price Up 1.1% – Time to Buy?

AbbVie Inc. (NYSE:ABBV)’s share price was up 1.1% during trading on Wednesday . The company traded as high as $215.94 and last traded at $215.4230. Approximately 4,516,274 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 6,921,411 shares. The stock had previously closed at $213.12.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABBV shares. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a research report on Thursday, April 30th. Canaccord Genuity Group boosted their target price on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Evercore set a $235.00 target price on AbbVie in a research report on Friday, May 15th. UBS Group decreased their price objective on AbbVie from $240.00 to $230.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. Finally, Piper Sandler increased their target price on AbbVie from $294.00 to $298.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Price Performance

The firm has a 50 day simple moving average of $208.39 and a two-hundred day simple moving average of $219.70. The stock has a market cap of $380.61 billion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32.

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

Insider Activity at AbbVie

In other news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the sale, the senior vice president owned 2,654 shares of the company’s stock, valued at $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

A number of hedge funds have recently modified their holdings of the business. Chelsea Counsel Co. bought a new position in shares of AbbVie during the third quarter worth about $26,000. Litman Gregory Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at approximately $28,000. Imprint Wealth LLC raised its position in AbbVie by 56.3% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Westend Capital Management LLC acquired a new stake in AbbVie in the 4th quarter valued at approximately $29,000. Finally, IFC & Insurance Marketing Inc. acquired a new stake in AbbVie in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

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.