Canaccord Genuity Group Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its target price boosted by investment analysts at Canaccord Genuity Group from $290.00 to $338.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group‘s price objective would suggest a potential upside of 14.65% from the stock’s current price.

Several other equities research analysts have also recently commented on ABBV. Wolfe Research raised shares of AbbVie from a “peer perform” rating to an “outperform” rating and raised their target price for the stock from $235.00 to $300.00 in a research report on Thursday, August 13th. Rothschild & Co Redburn boosted their price target on shares of AbbVie from $284.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Barclays raised their price objective on shares of AbbVie from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. Bank of America reaffirmed a “buy” rating on shares of AbbVie in a research report on Tuesday, September 8th. Finally, Weiss Ratings upgraded AbbVie from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $284.96.

AbbVie Stock Performance

ABBV opened at $294.80 on Monday. AbbVie has a 52-week low of $190.75 and a 52-week high of $298.74. The stock has a market capitalization of $520.85 billion, a PE ratio of 50.74, a price-to-earnings-growth ratio of 1.35 and a beta of 0.24. The stock’s 50 day moving average price is $269.35 and its 200-day moving average price is $237.23.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, topping analysts’ consensus estimates of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to analyst estimates of $17.32 billion. AbbVie had a negative return on equity of 435.41% and a net margin of 15.67%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.86 earnings per share. Research analysts forecast that AbbVie will post 13.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AbbVie

A number of institutional investors have recently modified their holdings of the stock. State Street Corp grew its position in AbbVie by 1.7% during the 2nd quarter. State Street Corp now owns 82,596,748 shares of the company’s stock valued at $20,784,646,000 after purchasing an additional 1,379,232 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of AbbVie by 0.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,267,697 shares of the company’s stock valued at $3,590,323,000 after buying an additional 106,091 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of AbbVie during the second quarter valued at approximately $2,905,952,000. Deutsche Bank AG increased its position in shares of AbbVie by 13.0% during the second quarter. Deutsche Bank AG now owns 10,772,949 shares of the company’s stock valued at $2,710,905,000 after acquiring an additional 1,241,587 shares in the last quarter. Finally, Amundi increased its position in shares of AbbVie by 2.4% during the first quarter. Amundi now owns 10,698,095 shares of the company’s stock valued at $2,326,728,000 after acquiring an additional 247,689 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Company Profile

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.