AbbVie (NYSE:ABBV) Earns Outperform Rating from Analysts at Wolfe Research

Analysts at Wolfe Research began coverage on shares of AbbVie (NYSE:ABBV) in a research note issued on Friday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $205.00 price target on the stock. Wolfe Research’s price objective would indicate a potential upside of 24.25% from the stock’s current price.

ABBV has been the subject of a number of other reports. JPMorgan Chase & Co. reduced their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday. Barclays upped their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Morgan Stanley cut their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. Guggenheim upped their price target on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, UBS Group raised their price objective on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Trading Down 2.7 %

NYSE ABBV opened at $164.99 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie has a 1-year low of $137.05 and a 1-year high of $207.32. The firm’s fifty day simple moving average is $192.04 and its 200-day simple moving average is $180.78. The company has a market capitalization of $291.56 billion, a PE ratio of 57.29, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued 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 company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.95 EPS. As a group, sell-side analysts anticipate that AbbVie will post 10.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. RPg Family Wealth Advisory LLC bought a new position in AbbVie during the third quarter valued at about $28,000. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the second quarter valued at $27,000. Marquette Asset Management LLC bought a new position in AbbVie in the third quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. boosted its stake in AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds 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.