AbbVie (NYSE:ABBV) Stock Rating Lowered by Wall Street Zen

AbbVie (NYSE:ABBV) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Sunday.

Several other brokerages have also recently weighed in on ABBV. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. William Blair reissued an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Finally, Piper Sandler reissued an “overweight” rating and set a $298.00 target price on shares of AbbVie in a research report on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $253.81.

AbbVie Stock Down 0.1%

Shares of AbbVie stock opened at $260.88 on Friday. AbbVie has a twelve month low of $184.63 and a twelve month high of $261.64. The stock has a market cap of $460.92 billion, a price-to-earnings ratio of 128.51, a P/E/G ratio of 0.86 and a beta of 0.30. The company’s fifty day moving average is $220.19 and its 200 day moving average is $220.30.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. As a group, equities analysts anticipate that AbbVie will post 14.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cedar Mountain Advisors LLC raised its stake in AbbVie by 62.8% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 630 shares of the company’s stock worth $159,000 after buying an additional 243 shares during the period. SWP Investment Management LLC boosted its holdings in AbbVie by 3.9% in the second quarter. SWP Investment Management LLC now owns 13,423 shares of the company’s stock worth $3,378,000 after acquiring an additional 500 shares in the last quarter. First Financial Bank Trust Division grew its stake in AbbVie by 3.9% in the second quarter. First Financial Bank Trust Division now owns 25,875 shares of the company’s stock valued at $6,511,000 after acquiring an additional 983 shares during the period. Adelphi Trust Co grew its stake in AbbVie by 8.5% in the second quarter. Adelphi Trust Co now owns 10,464 shares of the company’s stock valued at $2,633,000 after acquiring an additional 816 shares during the period. Finally, VectorGlobal IAG Inc. bought a new stake in shares of AbbVie during the first quarter valued at approximately $10,864,000. 70.23% of the stock is owned by institutional investors and hedge funds.

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.