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

AbbVie (NYSE:ABBV) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $210.00 to $200.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 16.78% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Guggenheim upped their price target on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Barclays increased their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $203.83.

AbbVie Price Performance

Shares of ABBV stock traded up $0.17 during trading hours on Wednesday, hitting $171.26. 858,811 shares of the company’s stock were exchanged, compared to its average volume of 5,395,279. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The firm has a market cap of $302.64 billion, a P/E ratio of 59.49, a P/E/G ratio of 2.12 and a beta of 0.63. The firm has a 50 day moving average of $194.14 and a two-hundred day moving average of $180.83. AbbVie has a fifty-two week low of $136.30 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.95 EPS. Sell-side analysts forecast that AbbVie will post 10.95 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd grew its stake in shares of AbbVie by 19.3% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 23,011 shares of the company’s stock valued at $4,541,000 after purchasing an additional 3,729 shares during the last quarter. Douglass Winthrop Advisors LLC grew its stake in shares of AbbVie by 3.1% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 42,638 shares of the company’s stock valued at $8,420,000 after purchasing an additional 1,274 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of AbbVie by 10.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 224,822 shares of the company’s stock valued at $44,398,000 after purchasing an additional 21,329 shares during the last quarter. Summit Trail Advisors LLC grew its stake in shares of AbbVie by 18.8% in the 3rd quarter. Summit Trail Advisors LLC now owns 24,423 shares of the company’s stock valued at $4,823,000 after purchasing an additional 3,865 shares during the last quarter. Finally, Capital Investment Counsel LLC grew its stake in shares of AbbVie by 1.7% in the 3rd quarter. Capital Investment Counsel LLC now owns 52,471 shares of the company’s stock valued at $10,362,000 after purchasing an additional 869 shares during the last quarter. Hedge funds and other institutional investors 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.