AbbVie (NYSE:ABBV) Given New $330.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised AbbVie’s price target to $330 from $280 and maintained an “outperform” rating, implying approximately 11.94% upside. MarketBeat reports a consensus “Moderate Buy” rating and average target of $286.75.
• AbbVie reported quarterly earnings of $3.82 per share, beating estimates of $3.73, while revenue reached $17.40 billion and rose 10.3% year over year.
• Shares opened at $294.80, near their 12-month high of $298.74, with a market capitalization of roughly $520.85 billion; institutional investors own 70.23% of the stock.

AbbVie (NYSE:ABBV - Get Free Report) had its price target increased by research analysts at Royal Bank Of Canada from $280.00 to $330.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 11.94% from the company's previous close.

A number of other brokerages have also commented on ABBV. Citigroup lifted their price target on AbbVie from $230.00 to $260.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 5th. Morgan Stanley raised their price objective on shares of AbbVie from $296.00 to $310.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. The Goldman Sachs Group lifted their target price on shares of AbbVie from $258.00 to $294.00 and gave the stock a "neutral" rating in a research report on Friday, October 23rd. Finally, HSBC boosted their target price on shares of AbbVie from $300.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $286.75.

AbbVie Stock Down 0.0%

Shares of ABBV stock opened at $294.80 on Monday. The business has a fifty day simple moving average of $269.35 and a 200 day simple moving average of $237.23. The company has a market cap of $520.85 billion, a P/E ratio of 50.74, a P/E/G ratio of 1.35 and a beta of 0.24. AbbVie has a twelve month low of $190.75 and a twelve month high of $298.74.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, topping the consensus estimate of $3.73 by $0.09. The firm had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 435.41% and a net margin of 15.67%. The business's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.86 earnings per share. As a group, equities research analysts anticipate that AbbVie will post 13.92 earnings per share for the current fiscal year.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.06% of the company's stock.

Institutional Trading of AbbVie

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LP purchased a new stake in AbbVie in the 2nd quarter valued at about $559,736,000. Legal & General Group Plc purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $2,905,952,000. Jupiter Topco LLC purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $1,560,354,000. Canada Pension Plan Investment Board purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $817,473,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of AbbVie in the second quarter valued at approximately $655,268,000. 70.23% of the stock is owned by institutional investors.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Analysts raised price targets: Canaccord Genuity lifted its target from $290 to $338 and upgraded AbbVie to “buy,” while Cantor Fitzgerald raised its target from $290 to $325 and reaffirmed an “overweight” rating. The revisions imply approximately 10%–15% upside from the referenced price. Canaccord Genuity AbbVie rating Cantor Fitzgerald AbbVie rating
• Positive Sentiment: Strong operating outlook: AbbVie raised its full-year net revenue guidance to $67.8 billion, while Skyrizi and Rinvoq generated $6 billion in combined growth. Immunology sales reportedly increased 16.3%, helping support the company’s higher profit outlook. AbbVie earnings takeaways
• Positive Sentiment: Dividend increase reinforces shareholder returns: AbbVie declared a quarterly dividend of $1.82 per share, up 5.2% from $1.73, equating to $7.28 annually and an approximately 2.5% yield. The increase may appeal to income-focused investors.
• Positive Sentiment: Pipeline potential: Early Phase 2 data indicated ABBV-466 nearly doubled Skyrizi’s Crohn’s disease remission rate, raising the possibility of a valuable follow-on treatment and another blockbuster product. AbbVie Crohn’s disease pipeline analysis
• Neutral Sentiment: Sector-fund buying: The State Street Health Care SPDR reportedly added to all 60 holdings, including AbbVie, providing broad healthcare-sector demand but no company-specific signal. State Street Health Care SPDR holdings
• Negative Sentiment: Risks remain: Skyrizi and Rinvoq now account for nearly half of revenue, increasing dependence on a concentrated product base. Recent adjusted-EPS growth also benefited from the comparison with a prior-year research-deal charge, while the stock’s elevated valuation could limit further gains if execution disappoints.

AbbVie Company Profile

AbbVie Inc NYSE: ABBV is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company's key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

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