AbbVie (NYSE:ABBV) Price Target Raised to $215.00 at Citigroup

AbbVie (NYSE:ABBV) had its price target increased by analysts at Citigroup from $170.00 to $215.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 14.45% from the company’s previous close.

ABBV has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. BMO Capital Markets boosted their price target on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $199.39.

AbbVie Price Performance

AbbVie stock opened at $187.85 on Friday. The stock has a market capitalization of $331.72 billion, a price-to-earnings ratio of 55.74, a PEG ratio of 2.66 and a beta of 0.63. AbbVie has a 52-week low of $135.85 and a 52-week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock’s 50 day moving average price is $194.02 and its two-hundred day moving average price is $178.28.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the company posted $2.91 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts predict that AbbVie will post 10.85 earnings per share for the current year.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Several institutional investors have recently added to or reduced their stakes in the business. Voisard Asset Management Group Inc. raised its holdings in AbbVie by 13.6% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 536 shares of the company’s stock valued at $106,000 after acquiring an additional 64 shares during the period. Financial Advocates Investment Management raised its stake in shares of AbbVie by 0.7% during the 3rd quarter. Financial Advocates Investment Management now owns 28,907 shares of the company’s stock valued at $5,709,000 after purchasing an additional 194 shares during the period. Hudson Valley Investment Advisors Inc. ADV lifted its holdings in AbbVie by 8.9% during the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 57,374 shares of the company’s stock worth $11,330,000 after purchasing an additional 4,685 shares in the last quarter. Fiducient Advisors LLC boosted its stake in AbbVie by 1.6% in the 3rd quarter. Fiducient Advisors LLC now owns 4,514 shares of the company’s stock worth $892,000 after purchasing an additional 69 shares during the period. Finally, JFS Wealth Advisors LLC grew its holdings in AbbVie by 569.4% during the 3rd quarter. JFS Wealth Advisors LLC now owns 10,182 shares of the company’s stock valued at $2,011,000 after buying an additional 8,661 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

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.