Analysts Set AbbVie Inc. (ABBV) Target Price at $118.09

AbbVie Inc. (NYSE:ABBV) has been given an average recommendation of “Buy” by the twenty research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $118.09.

A number of research firms have weighed in on ABBV. BMO Capital Markets restated a “sell” rating and set a $81.00 price target on shares of AbbVie in a research report on Tuesday, May 1st. Morgan Stanley lowered their price target on AbbVie from $131.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, April 30th. Credit Suisse Group lowered their price target on AbbVie from $109.00 to $104.00 and set a “neutral” rating on the stock in a research report on Friday, April 27th. Jefferies Group set a $122.00 price target on AbbVie and gave the company a “buy” rating in a research report on Friday, April 13th. Finally, Barclays lowered their price target on AbbVie from $120.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 5th.

NYSE:ABBV opened at $105.98 on Thursday. The firm has a market cap of $168.18 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 1.00 and a beta of 1.59. AbbVie has a 52-week low of $64.80 and a 52-week high of $125.86. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.10.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, April 26th. The company reported $1.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.08. AbbVie had a return on equity of 186.47% and a net margin of 21.55%. The business had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $7.60 billion. During the same quarter last year, the business posted $1.28 earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts anticipate that AbbVie will post 7.8 EPS for the current year.

AbbVie declared that its board has approved a stock buyback program on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, VP Robert A. Michael sold 992 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total transaction of $119,347.52. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Laura J. Schumacher sold 25,000 shares of the business’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $117.85, for a total value of $2,946,250.00. Following the transaction, the insider now owns 123,317 shares in the company, valued at approximately $14,532,908.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 211,197 shares of company stock worth $24,585,575. Company insiders own 0.07% of the company’s stock.

A number of large investors have recently made changes to their positions in ABBV. Jennison Associates LLC bought a new stake in AbbVie during the 3rd quarter valued at approximately $544,418,000. Capital International Investors boosted its position in AbbVie by 137.7% during the 3rd quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after acquiring an additional 4,550,954 shares in the last quarter. BlackRock Inc. boosted its position in AbbVie by 2.8% during the 4th quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock valued at $9,798,871,000 after acquiring an additional 2,714,857 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in AbbVie during the 4th quarter valued at approximately $135,027,000. Finally, Swedbank bought a new stake in AbbVie during the 4th quarter valued at approximately $130,841,000. Institutional investors own 70.30% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

Analyst Recommendations for AbbVie (NYSE:ABBV)

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