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

by · The Markets Daily

AbbVie (NYSE:ABBV – Get Free Report) had its target price lifted by research analysts at Citigroup from $215.00 to $226.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 10.85% from the stock’s previous close.

Several other analysts have also commented on ABBV. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Morgan Stanley upped their target price on AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research note on Thursday. Barclays boosted their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

View Our Latest Research Report on AbbVie

AbbVie Stock Performance

NYSE:ABBV traded up $2.37 during mid-day trading on Thursday, hitting $203.87. The company’s stock had a trading volume of 8,563,440 shares, compared to its average volume of 5,332,100. The business’s fifty day moving average is $193.85 and its two-hundred day moving average is $178.91. The stock has a market cap of $360.01 billion, a price-to-earnings ratio of 60.50, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie has a 1 year low of $135.85 and a 1 year high of $207.32.

AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the prior year, the business earned $2.95 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that AbbVie will post 10.85 EPS for the current fiscal year.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ABBV. Palisade Asset Management LLC increased its holdings in AbbVie by 65.6% in the 1st quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after purchasing an additional 38,562 shares during the last quarter. First Hawaiian Bank raised its holdings in shares of AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares during the period. PGGM Investments lifted its stake in AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares in the last quarter. Foresight Capital Management Advisors Inc. purchased a new position in AbbVie during the 2nd quarter valued at about $1,349,000. Finally, Sumitomo Life Insurance Co. grew its position in AbbVie by 29.6% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock valued at $5,333,000 after acquiring an additional 6,161 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

(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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