AbbVie (NYSE:ABBV) Given New $220.00 Price Target at Piper Sandler

AbbVie (NYSE:ABBV) had its target price hoisted by equities research analysts at Piper Sandler from $212.00 to $220.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 25.89% from the company’s current price.

Several other research firms have also issued reports on ABBV. Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Sanford C. Bernstein assumed coverage on AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective for the company. BMO Capital Markets decreased their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Finally, Morgan Stanley lowered their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $204.20.

AbbVie Stock Performance

Shares of ABBV traded up $3.13 during trading hours on Tuesday, hitting $174.76. The company had a trading volume of 2,455,097 shares, compared to its average volume of 5,530,599. The business has a fifty day moving average of $184.18 and a 200-day moving average of $183.29. 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 $308.83 billion, a price-to-earnings ratio of 60.68, a PEG ratio of 1.92 and a beta of 0.58. AbbVie has a 12 month low of $151.29 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the business posted $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that AbbVie will post 10.96 EPS for the current fiscal year.

Hedge Funds Weigh In On AbbVie

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fairway Wealth LLC purchased a new position in AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter worth $27,000. Groupama Asset Managment increased its stake in AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after acquiring an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new stake in AbbVie during the third quarter valued at about $28,000. Finally, Quest Partners LLC lifted its stake in 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 purchasing an additional 207 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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.