Bank of America Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

Key Points

• Bank of America has raised its price target for AbbVie (NYSE:ABBV) from $220.00 to $251.00, suggesting a potential upside of 6.34% based on the stock's previous close.
• The stock has received a range of upgrades from various analysts, with a consensus price target currently at $228.22 and an average rating of "Moderate Buy."
• Despite a quarterly earnings miss, AbbVie's revenue increased by 6.6% year-over-year, amounting to $15.42 billion in the last quarter.

AbbVie (NYSE:ABBV - Get Free Report) had its price target boosted by research analysts at Bank of America from $220.00 to $251.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Bank of America's price target indicates a potential upside of 6.34% from the company's previous close.

A number of other research analysts have also issued reports on the stock. Cantor Fitzgerald increased their target price on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Citigroup boosted their target price on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. UBS Group set a $251.00 price objective on shares of AbbVie in a research report on Friday. Finally, Guggenheim raised their target price on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $228.22.

AbbVie Price Performance

AbbVie stock opened at $236.04 on Friday. The stock's 50 day moving average is $209.90 and its 200-day moving average is $195.87. The company has a market capitalization of $416.98 billion, a price-to-earnings ratio of 112.96, a PEG ratio of 1.43 and a beta of 0.51. AbbVie has a 12 month low of $163.81 and a 12 month high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.65 EPS. Equities research analysts expect that AbbVie will post 12.31 EPS for the current year.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AbbVie

A number of hedge funds have recently modified their holdings of the business. Brighton Jones LLC boosted its holdings in 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 acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. Retirement Planning Group LLC boosted its stake in shares of AbbVie by 12.3% in the 1st quarter. Retirement Planning Group LLC now owns 3,049 shares of the company's stock valued at $639,000 after purchasing an additional 335 shares during the last quarter. Vest Financial LLC boosted its stake in shares of AbbVie by 9.0% in the 1st quarter. Vest Financial LLC now owns 336,659 shares of the company's stock valued at $70,537,000 after purchasing an additional 27,877 shares during the last quarter. Finally, Foster Group Inc. increased its position in shares of AbbVie by 10.0% during the first quarter. Foster Group Inc. now owns 7,901 shares of the company's stock worth $1,655,000 after buying an additional 719 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

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.

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