AbbVie (NYSE:ABBV) Given New $223.00 Price Target at Bank of America

AbbVie (NYSE:ABBV) had its target price increased by investment analysts at Bank of America from $200.00 to $223.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price would indicate a potential upside of 4.12% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. Piper Sandler lifted their target price on AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. BMO Capital Markets upped their price objective on shares of AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Raymond James reiterated an “outperform” rating and set a $220.00 price objective (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Wolfe Research initiated coverage on shares of AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price objective on the stock. Finally, Morgan Stanley increased their price objective on AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $209.95.

AbbVie Stock Performance

ABBV stock traded up $2.69 during trading on Tuesday, reaching $214.17. 1,169,017 shares of the company’s stock were exchanged, compared to its average volume of 5,949,785. AbbVie has a 1-year low of $153.58 and a 1-year high of $215.66. The firm has a market cap of $378.09 billion, a PE ratio of 88.77, a P/E/G ratio of 1.62 and a beta of 0.58. The company’s fifty day moving average price is $185.08 and its 200-day moving average price is $187.04. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter last year, the company posted $2.79 earnings per share. On average, research analysts expect that AbbVie will post 12.31 EPS for the current fiscal year.

Insider Activity

In other AbbVie news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,439 shares of company stock valued at $11,377,057. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swedbank AB increased its stake in AbbVie by 0.3% in the 3rd quarter. Swedbank AB now owns 2,147,126 shares of the company’s stock worth $424,014,000 after acquiring an additional 6,810 shares during the last quarter. Howard Capital Management Group LLC increased its position in shares of AbbVie by 20.3% in the third quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock worth $397,000 after purchasing an additional 339 shares during the last quarter. Moloney Securities Asset Management LLC raised its stake in AbbVie by 2.5% in the third quarter. Moloney Securities Asset Management LLC now owns 22,345 shares of the company’s stock valued at $4,413,000 after purchasing an additional 554 shares in the last quarter. Alterna Wealth Management Inc. bought a new stake in AbbVie during the third quarter valued at approximately $209,000. Finally, FSM Wealth Advisors LLC grew its stake in AbbVie by 3.0% in the 3rd quarter. FSM Wealth Advisors LLC now owns 5,232 shares of the company’s stock worth $1,033,000 after buying an additional 151 shares in the last quarter. Institutional investors 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.