AbbVie (NYSE:ABBV) Price Target Raised to $265.00 at Cantor Fitzgerald

AbbVie (NYSE:ABBV) had its price objective upped by investment analysts at Cantor Fitzgerald from $240.00 to $265.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 1.58% from the company’s current price.

A number of other analysts have also recently issued reports on ABBV. Morgan Stanley increased their price objective on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Piper Sandler reiterated an “overweight” rating and set a $298.00 price target on shares of AbbVie in a research report on Tuesday, June 23rd. Wells Fargo & Company set a $260.00 price target on shares of AbbVie in a report on Monday, June 22nd. Finally, Guggenheim restated a “buy” rating and issued a $249.00 price objective on shares of AbbVie in a research report on Friday, May 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $255.00.

AbbVie Trading Down 0.1%

AbbVie stock opened at $260.88 on Monday. The firm has a 50 day simple moving average of $220.19 and a 200 day simple moving average of $220.25. AbbVie has a 1-year low of $184.63 and a 1-year high of $261.64. The firm has a market capitalization of $460.92 billion, a price-to-earnings ratio of 128.51, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the prior year, the business posted $2.46 earnings per share. The business’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts forecast that AbbVie will post 14.28 EPS for the current year.

Institutional Trading of AbbVie

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in shares of AbbVie during the fourth quarter worth about $5,865,055,000. Wellington Management Group LLP raised its stake in AbbVie by 457.4% in the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock valued at $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Capital World Investors raised its stake in AbbVie by 106.3% in the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock valued at $2,986,777,000 after purchasing an additional 6,736,161 shares in the last quarter. Cardano Risk Management B.V. lifted its position in AbbVie by 914.6% during the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock valued at $1,244,112,000 after purchasing an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares in the last quarter. Hedge funds and other institutional investors 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.