AbbVie Inc. (NYSE:ABBV) Given Average Rating of “Moderate Buy” by Brokerages

AbbVie Inc. (NYSE:ABBV) has been assigned an average rating of “Moderate Buy” from the twenty-five ratings firms that are presently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $253.4286.

ABBV has been the topic of a number of research analyst reports. UBS Group reduced their target price on AbbVie from $240.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Piper Sandler boosted their price objective on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. Canaccord Genuity Group boosted their price objective on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Citigroup reduced their price objective on AbbVie from $235.00 to $230.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 27th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $223.00 price objective on shares of AbbVie in a research note on Wednesday, January 28th.

Insider Activity at AbbVie

In other AbbVie news, SVP David Ryan Purdue sold 5,230 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the transaction, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. The trade was a 66.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ABBV. Norges Bank acquired a new position in shares of AbbVie during the fourth quarter worth about $5,865,055,000. Wellington Management Group LLP increased its position in shares of AbbVie by 457.4% during the third quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after acquiring an additional 8,646,424 shares during the last quarter. Capital World Investors increased its position in shares of AbbVie by 106.3% during the fourth quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after acquiring an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. increased its position in shares of AbbVie by 914.6% during the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after acquiring an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after acquiring an additional 4,190,487 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 1.3%

Shares of AbbVie stock opened at $212.79 on Wednesday. AbbVie has a twelve month low of $181.73 and a twelve month high of $244.81. The stock has a market capitalization of $375.96 billion, a P/E ratio of 104.82, a PEG ratio of 0.74 and a beta of 0.32. The business’s fifty day moving average price is $208.39 and its 200 day moving average price is $219.70.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter last year, the firm earned $2.46 earnings per share. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that AbbVie will post 14.3 EPS for the current year.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.