Cantor Fitzgerald Forecasts Strong Price Appreciation for AbbVie (NYSE:ABBV) Stock

AbbVie (NYSE:ABBV) had its price target boosted by research analysts at Cantor Fitzgerald from $290.00 to $325.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s target price would suggest a potential upside of 10.24% from the company’s previous close.

ABBV has been the subject of several other research reports. Oppenheimer raised their price target on shares of AbbVie from $244.00 to $258.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Argus increased their price objective on AbbVie from $250.00 to $270.00 in a report on Tuesday, August 4th. The Goldman Sachs Group raised their target price on AbbVie from $258.00 to $294.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. HSBC lifted their target price on AbbVie from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, September 10th. Finally, Wolfe Research raised AbbVie from a “peer perform” rating to an “outperform” rating and increased their price target for the company from $235.00 to $300.00 in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $284.96.

AbbVie Trading Down 0.0%

Shares of ABBV stock opened at $294.80 on Monday. The firm has a market capitalization of $520.85 billion, a price-to-earnings ratio of 50.74, a PEG ratio of 1.35 and a beta of 0.24. The business’s 50-day moving average price is $269.35 and its 200-day moving average price is $237.23. AbbVie has a 12 month low of $190.75 and a 12 month high of $298.74.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.86 earnings per share. On average, sell-side analysts predict that AbbVie will post 13.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 74,430 shares of the company’s stock, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On AbbVie

Institutional investors and hedge funds have recently modified their holdings of the business. Burk Holdings LLC bought a new stake in AbbVie in the 2nd quarter valued at about $30,000. Marquette Asset Management LLC grew its position in shares of AbbVie by 52.2% during the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock valued at $35,000 after acquiring an additional 48 shares during the period. IMG Wealth Management Inc. increased its position in AbbVie by 3,060.0% in the second quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock worth $40,000 after buying an additional 153 shares during the last quarter. Principia Wealth Advisory LLC raised its stake in AbbVie by 38.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after acquiring an additional 44 shares during the period. Finally, Tacita Capital Inc purchased a new stake in AbbVie during the second quarter valued at about $42,000. 70.23% of the stock is currently owned by 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.