Guggenheim Forecasts Strong Price Appreciation for AbbVie (NYSE:ABBV) Stock

AbbVie (NYSE:ABBV - Get Free Report) had its target price hoisted by research analysts at Guggenheim from $214.00 to $216.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's target price would indicate a potential upside of 12.25% from the stock's current price.

Other analysts also recently issued reports about the company. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Evercore ISI raised their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday. Wells Fargo & Company upped their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, March 5th. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a research report on Tuesday, April 8th. Finally, UBS Group increased their price objective 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. Six equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and an average price target of $211.41.

AbbVie Stock Performance

NYSE ABBV opened at $192.43 on Tuesday. The firm's fifty day moving average price is $196.75 and its two-hundred day moving average price is $187.12. The stock has a market cap of $340.40 billion, a PE ratio of 80.18, a PEG ratio of 1.62 and a beta of 0.55. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie has a fifty-two week low of $153.58 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (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 business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities analysts expect that AbbVie will post 12.31 EPS for the current fiscal year.

Insider Activity at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the sale, the executive vice president now directly owns 22,381 shares of the company's stock, valued at $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,471 shares of company stock valued at $23,426,451 over the last 90 days. Insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On AbbVie

Several large investors have recently made changes to their positions in ABBV. Howard Capital Management Group LLC increased its position in AbbVie by 20.3% in the third quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company's stock worth $397,000 after buying an additional 339 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in AbbVie by 12.3% during the third quarter. Principal Financial Group Inc. now owns 2,487,363 shares of the company's stock valued at $491,204,000 after purchasing an additional 273,078 shares during the last quarter. Westside Investment Management Inc. boosted its position in AbbVie by 1.0% during the third quarter. Westside Investment Management Inc. now owns 17,296 shares of the company's stock worth $3,403,000 after purchasing an additional 171 shares during the period. Morse Asset Management Inc raised its position in shares of AbbVie by 2.4% in the third quarter. Morse Asset Management Inc now owns 7,563 shares of the company's stock valued at $1,494,000 after purchasing an additional 175 shares during the period. Finally, Aldebaran Financial Inc. bought a new position in AbbVie in the 3rd quarter worth approximately $466,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

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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