AbbVie (NYSE:ABBV) Shares Up 1.4% - Here's Why

AbbVie Inc. (NYSE:ABBV - Get Free Report)'s stock price shot up 1.4% during mid-day trading on Thursday . The company traded as high as $186.75 and last traded at $185.64. 1,237,201 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 6,229,932 shares. The stock had previously closed at $183.09.

Analysts Set New Price Targets

A number of research analysts have recently commented on ABBV shares. Guggenheim upped their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Cantor Fitzgerald began coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 target price for the company. UBS Group increased their target price on shares of AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. Finally, BMO Capital Markets increased their target price on shares of AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a research report on Monday, February 3rd. Eight research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $210.95.

AbbVie Stock Down 0.0%

The firm has a market cap of $327.72 billion, a PE ratio of 77.30, a P/E/G ratio of 1.62 and a beta of 0.56. The stock has a 50-day simple moving average of $185.97 and a two-hundred day simple moving average of $186.26. 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 - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the previous year, the firm posted $2.31 EPS. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

Insider Buying and Selling at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares of the company's stock, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.08% of the company's stock.

Hedge Funds Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Blue Bell Private Wealth Management LLC grew its holdings in shares of AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after buying an additional 52 shares during the last quarter. Steel Grove Capital Advisors LLC raised its position in shares of AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after acquiring an additional 52 shares during the period. Peninsula Wealth LLC increased its stake in shares of AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after purchasing an additional 54 shares in the last quarter. Private Management Group Inc. increased its stake in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after purchasing an additional 54 shares in the last quarter. Finally, Physicians Financial Services Inc. grew its stake in AbbVie by 0.5% during the 4th quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock valued at $2,159,000 after acquiring an additional 55 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Company Profile

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.