AbbVie (NYSE:ABBV) Stock Price Up 1.1% – Time to Buy?

AbbVie Inc. (NYSE:ABBV) shares rose 1.1% during mid-day trading on Wednesday . The company traded as high as $215.94 and last traded at $215.4230. Approximately 4,516,274 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 6,921,411 shares. The stock had previously closed at $213.12.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of research analyst reports. Barclays initiated coverage on AbbVie in a report on Thursday, February 19th. They issued an “overweight” rating and a $275.00 target price on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. William Blair reissued an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Guggenheim reissued a “buy” rating and set a $249.00 price objective on shares of AbbVie in a report on Friday, May 1st. Finally, Canaccord Genuity Group lifted their price objective on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Trading Up 1.1%

The company has a 50 day moving average of $208.39 and a 200 day moving average of $219.70. The firm has a market cap of $380.61 billion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 0.74 and a beta of 0.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $2.46 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On AbbVie

Institutional investors and hedge funds have recently bought and sold shares of the business. Chelsea Counsel Co. acquired a new position in AbbVie in the third quarter worth $26,000. Litman Gregory Wealth Management LLC acquired a new position in AbbVie in the fourth quarter worth $28,000. Westend Capital Management LLC acquired a new position in AbbVie in the fourth quarter worth $29,000. Imprint Wealth LLC boosted its stake in AbbVie by 56.3% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Finally, Texas Capital Bancshares Inc TX acquired a new position in AbbVie in the third quarter worth $31,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

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.