AbbVie (NYSE:ABBV) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Evercore ISI has raised AbbVie's price target from $207.00 to $222.00, maintaining an "outperform" rating, indicating a potential downside of 1.01% from its current price.
• Several analysts have updated their ratings and price targets for AbbVie, with Cantor Fitzgerald raising its target from $215.00 to $245.00, highlighting a generally positive outlook on the stock.
• AbbVie’s stock has recently traded at $224.27, reflecting a 0.8% increase, and the firm is forecasting an earnings per share of 12.31 for the current fiscal year.

AbbVie (NYSE:ABBV - Get Free Report) had its price objective upped by equities research analysts at Evercore ISI from $207.00 to $222.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's price objective would suggest a potential downside of 0.49% from the stock's previous close.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted their price target on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Finally, Bank of America increased their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $223.45.

AbbVie Price Performance

NYSE ABBV traded up $0.62 during trading hours on Monday, hitting $223.09. 5,989,926 shares of the company's stock traded hands, compared to its average volume of 4,689,837. AbbVie has a 52-week low of $163.81 and a 52-week high of $225.16. The company has a market capitalization of $394.09 billion, a PE ratio of 106.23, a PEG ratio of 1.33 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm's 50-day moving average is $203.75 and its 200-day moving average is $194.84.

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

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caldwell Trust Co purchased a new stake in shares of AbbVie in the 2nd quarter valued at approximately $4,661,000. Watts Gwilliam & Co. LLC lifted its holdings in AbbVie by 2.8% during the 2nd quarter. Watts Gwilliam & Co. LLC now owns 16,830 shares of the company's stock worth $3,124,000 after buying an additional 463 shares during the last quarter. Canal Capital Management LLC lifted its holdings in AbbVie by 2.8% during the 2nd quarter. Canal Capital Management LLC now owns 5,579 shares of the company's stock worth $1,036,000 after buying an additional 151 shares during the last quarter. Milestones Private Investment Advisors LLC acquired a new position in shares of AbbVie during the 2nd quarter worth about $240,000. Finally, NWF Advisory Services Inc. increased its holdings in shares of AbbVie by 41.2% in the 2nd quarter. NWF Advisory Services Inc. now owns 13,504 shares of the company's stock valued at $2,507,000 after acquiring an additional 3,939 shares during the last quarter. 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.