Piper Sandler Forecasts Strong Price Appreciation for AbbVie (NYSE:ABBV) Stock

AbbVie (NYSE:ABBV - Get Free Report) had its price objective raised by Piper Sandler from $212.00 to $220.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price objective indicates a potential upside of 25.41% from the stock's current price.

Other equities analysts also recently issued research reports about the stock. Bank of America reissued a "neutral" rating and issued a $191.00 price objective on shares of AbbVie in a research note on Tuesday, December 10th. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Argus raised AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Citigroup reduced their target price on shares of AbbVie from $226.00 to $215.00 and set a "buy" rating for the company in a report on Tuesday, November 12th. Finally, Guggenheim raised their price target on shares of AbbVie from $212.00 to $221.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $205.70.

AbbVie Trading Up 2.2 %

AbbVie stock traded up $3.79 during trading hours on Tuesday, hitting $175.42. The company had a trading volume of 7,663,339 shares, compared to its average volume of 5,552,370. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market cap of $309.99 billion, a P/E ratio of 61.05, a P/E/G ratio of 1.92 and a beta of 0.58. The company has a 50-day moving average price of $184.18 and a two-hundred day moving average price of $183.29. AbbVie has a 1 year low of $151.29 and a 1 year high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the firm posted $2.95 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie will post 10.96 earnings per share for the current year.

Hedge Funds Weigh In On AbbVie

Large investors have recently made changes to their positions in the company. Atlanta Consulting Group Advisors LLC acquired a new stake in AbbVie in the 3rd quarter valued at $999,000. Saturna Capital Corp lifted its position in shares of AbbVie by 486.1% in the third quarter. Saturna Capital Corp now owns 676,176 shares of the company's stock valued at $133,531,000 after acquiring an additional 560,808 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of AbbVie by 23.5% in the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company's stock worth $11,169,000 after acquiring an additional 10,768 shares during the last quarter. Schrum Private Wealth Management LLC boosted its stake in shares of AbbVie by 57.5% in the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company's stock worth $3,282,000 after acquiring an additional 6,065 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in AbbVie by 8.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company's stock valued at $15,377,000 after purchasing an additional 5,993 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.