JPMorgan Chase & Co. Issues Positive Forecast for AbbVie (NYSE:ABBV) Stock Price

Key Points

• JPMorgan Chase & Co. raised AbbVie’s price target from $200.00 to $235.00, indicating a potential upside of 7.84% from the stock's current price and maintaining an "overweight" rating on the stock.
• Guggenheim and Cantor Fitzgerald have also increased their price targets for AbbVie, with Cantor issuing a target of $245.00, further solidifying positive analyst sentiment around the stock.
• Despite a recent earnings miss, AbbVie reported a year-over-year revenue increase of 6.6%, totaling $15.42 billion, which exceeds analyst estimates.

AbbVie (NYSE:ABBV - Get Free Report) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $200.00 to $235.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 7.84% from the stock's current price.

ABBV has been the subject of a number of other reports. Guggenheim raised their price target on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Cantor Fitzgerald lifted their price objective on AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a report on Monday. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target on the stock. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Finally, Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $220.43.

AbbVie Stock Performance

Shares of ABBV opened at $217.92 on Tuesday. The business's 50 day moving average is $200.86 and its two-hundred day moving average is $194.51. AbbVie has a 52-week low of $163.81 and a 52-week high of $221.76. The firm has a market cap of $384.97 billion, a price-to-earnings ratio of 103.77, a PEG ratio of 1.40 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

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 during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business earned $2.65 earnings per share. AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. Analysts forecast that AbbVie will post 12.31 EPS for the current fiscal year.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On AbbVie

A number of large investors have recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie in the 2nd quarter worth approximately $25,000. Evolution Wealth Management Inc. purchased a new stake in shares of AbbVie in the 2nd quarter worth $26,000. TD Capital Management LLC increased its stake in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Spurstone Advisory Services LLC purchased a new stake in AbbVie in the 2nd quarter worth $28,000. Finally, Abound Financial LLC bought a new position in shares of AbbVie during the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

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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