JPMorgan Chase & Co. Lowers AbbVie (NYSE:ABBV) Price Target to $200.00

AbbVie (NYSE:ABBV) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $210.00 to $200.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 17.90% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on ABBV. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Guggenheim lifted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley lowered their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $203.83.

AbbVie Stock Performance

NYSE ABBV opened at $169.63 on Wednesday. The company’s 50 day moving average is $193.08 and its 200-day moving average is $180.84. AbbVie has a 12-month low of $136.30 and a 12-month high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The firm has a market cap of $299.76 billion, a P/E ratio of 58.90, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.95 EPS. Sell-side analysts predict that AbbVie will post 10.95 earnings per share for the current year.

Institutional Investors Weigh In On AbbVie

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABBV. Fairway Wealth LLC purchased a new position in shares of AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC acquired a new position in AbbVie in the 2nd quarter valued at about $27,000. RPg Family Wealth Advisory LLC acquired a new position in shares of AbbVie during the third quarter worth about $28,000. Quest Partners LLC grew its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. Finally, Marquette Asset Management LLC acquired a new position in shares of AbbVie during the third quarter worth about $39,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

About AbbVie

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.