AbbVie (NYSE:ABBV) Price Target Raised to $227.00 at Guggenheim

Key Points

• Guggenheim raised AbbVie's price target to $227.00, indicating a 17.38% potential upside from the previous close, while maintaining a "buy" rating on the stock.
• AbbVie reported quarterly earnings of $2.97 EPS, falling short of analysts' expectations, yet achieved a revenue of $15.42 billion, surpassing the consensus estimate.
• Research ratings show broad interest in AbbVie, with eight analystsseventeen$212.81.

AbbVie (NYSE:ABBV - Get Free Report) had its price objective boosted by investment analysts at Guggenheim from $216.00 to $227.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Guggenheim's target price would suggest a potential upside of 17.38% from the company's previous close.

Other research analysts have also issued reports about the company. Cantor Fitzgerald began coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective on the stock. Citigroup upped their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. BNP Paribas raised AbbVie to a "hold" rating in a report on Thursday, May 8th. Evercore ISI upped their price objective on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Finally, Morgan Stanley upped their price objective on AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $212.81.

AbbVie Stock Up 2.3%

NYSE ABBV traded up $4.38 during trading on Friday, hitting $193.40. The stock had a trading volume of 1,536,053 shares, compared to its average volume of 6,829,463. The company has a market capitalization of $341.61 billion, a PE ratio of 82.16, a P/E/G ratio of 1.25 and a beta of 0.48. The company's 50-day moving average price is $188.10 and its two-hundred day moving average price is $190.04. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie has a 12 month low of $163.81 and a 12 month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 EPS. The company's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie will post 12.31 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ABBV. Brighton Jones LLC lifted its holdings in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after acquiring an additional 3,064 shares during the period. DF Dent & Co. Inc. lifted its holdings in AbbVie by 0.4% during the fourth quarter. DF Dent & Co. Inc. now owns 27,922 shares of the company's stock worth $4,962,000 after acquiring an additional 110 shares during the period. Atlas Capital Advisors Inc. lifted its holdings in AbbVie by 405.4% during the fourth quarter. Atlas Capital Advisors Inc. now owns 7,106 shares of the company's stock worth $1,263,000 after acquiring an additional 5,700 shares during the period. Finally, Orleans Capital Management Corp LA lifted its holdings in AbbVie by 1.3% during the fourth quarter. Orleans Capital Management Corp LA now owns 20,880 shares of the company's stock worth $4,005,000 after acquiring an additional 270 shares during the period. 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.

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