Evercore ISI Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its price objective raised by equities researchers at Evercore ISI from $207.00 to $222.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s target price points to a potential downside of 1.01% from the company’s current price.

Several other research firms also recently commented on ABBV. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and upped their price objective for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Citigroup raised their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Finally, BMO Capital Markets lifted their target price on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $223.45.

AbbVie Trading Up 0.8%

ABBV traded up $1.80 during trading hours on Monday, reaching $224.27. The company’s stock had a trading volume of 999,548 shares, compared to its average volume of 6,452,255. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie has a fifty-two week low of $163.81 and a fifty-two week high of $224.29. The business’s 50-day moving average is $203.12 and its 200-day moving average is $194.78. The stock has a market cap of $396.18 billion, a PE ratio of 106.82, a P/E/G ratio of 1.33 and a beta of 0.53.

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

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. FF Advisors LLC grew its position in AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after buying an additional 53 shares in the last quarter. Landaas & Co. WI ADV lifted its holdings in shares of AbbVie by 1.1% during the second quarter. Landaas & Co. WI ADV now owns 4,955 shares of the company’s stock valued at $920,000 after purchasing an additional 53 shares during the last quarter. Bernardo Wealth Planning LLC grew its position in AbbVie by 2.9% in the 2nd quarter. Bernardo Wealth Planning LLC now owns 1,909 shares of the company’s stock worth $354,000 after purchasing an additional 53 shares during the period. Private Management Group Inc. lifted its stake in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after purchasing an additional 54 shares in the last quarter. Finally, LifeSteps Financial Inc. grew its holdings in AbbVie by 0.7% during the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock valued at $1,366,000 after purchasing an additional 54 shares during the last quarter. Institutional investors and hedge funds 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.