AbbVie (NYSE:ABBV) Earns Market Perform Rating from Analysts at Sanford C. Bernstein

by · The Markets Daily

Equities research analysts at Sanford C. Bernstein assumed coverage on shares of AbbVie (NYSE:ABBV – Get Free Report) in a research report issued on Thursday, Briefing.com reports. The brokerage set a “market perform” rating and a $203.00 price target on the stock. Sanford C. Bernstein’s target price suggests a potential upside of 6.58% from the stock’s current price.

A number of other research firms have also recently issued reports on ABBV. BMO Capital Markets lifted their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Wells Fargo & Company lifted their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, Truist Financial boosted their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.31.

Check Out Our Latest Research Report on ABBV

AbbVie Stock Down 0.7 %

Shares of NYSE ABBV opened at $190.46 on Thursday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95. The stock has a market capitalization of $336.33 billion, a P/E ratio of 56.52, a PEG ratio of 2.66 and a beta of 0.63. The stock’s fifty day moving average is $194.50 and its 200 day moving average is $177.63.

AbbVie (NYSE:ABBV – Get Free Report) last issued 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 return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the business earned $2.91 earnings per share. AbbVie’s revenue was up 4.3% on a year-over-year basis. Sell-side analysts forecast that AbbVie will post 10.85 earnings per share for the current fiscal year.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % 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. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Several institutional investors have recently added to or reduced their stakes in ABBV. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $27,000. Quest Partners LLC increased its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $37,000. Finally, Marquette Asset Management LLC bought a new stake in shares of AbbVie during the third quarter valued at approximately $39,000. 70.23% of the stock is owned by institutional investors and hedge funds.

About AbbVie

(Get Free Report)

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.

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