AbbVie (NYSE:ABBV) Downgraded to Neutral Rating by Daiwa Capital Markets

AbbVie (NYSE:ABBV - Get Free Report) was downgraded by Daiwa Capital Markets from an "outperform" rating to a "neutral" rating in a report released on Thursday, Marketbeat.com reports. They presently have a $180.00 price objective on the stock. Daiwa Capital Markets' price target would indicate a potential upside of 2.15% from the company's current price.

ABBV has been the subject of a number of other reports. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the company an "overweight" rating in a report on Friday, August 23rd. UBS Group lifted their target price on AbbVie from $195.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Bank of America upped their price objective on AbbVie from $185.00 to $195.00 and gave the company a "neutral" rating in a report on Friday, October 18th. Leerink Partners upgraded AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target on the stock in a research report on Friday, November 22nd. Finally, Morgan Stanley lowered their target price on AbbVie from $231.00 to $224.00 and set an "overweight" rating for the company in a research note on Tuesday, November 12th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $202.38.

AbbVie Price Performance

NYSE:ABBV traded down $0.24 during trading hours on Thursday, hitting $176.22. The company's stock had a trading volume of 5,443,820 shares, compared to its average volume of 5,532,744. The company has a market capitalization of $311.41 billion, a PE ratio of 61.10, a PEG ratio of 2.08 and a beta of 0.58. AbbVie has a 52-week low of $144.73 and a 52-week high of $207.32. The business's 50-day moving average is $187.45 and its two-hundred day moving average is $182.21. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the previous year, the company posted $2.95 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that AbbVie will post 10.95 EPS for the current fiscal year.

Hedge Funds Weigh In On AbbVie

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fairway Wealth LLC purchased a new position in shares of AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the second quarter valued at about $27,000. Groupama Asset Managment increased its position in AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock worth $27,000 after buying an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC purchased a new position in shares of AbbVie during the 3rd quarter valued at about $28,000. Finally, Quest Partners LLC grew its stake in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company's stock valued at $36,000 after acquiring an additional 207 shares during the period. 70.23% of the stock is owned by institutional investors.

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.