AbbVie (NYSE:ABBV) Given New $300.00 Price Target at BMO Capital Markets

AbbVie (NYSE:ABBV) had its price target increased by research analysts at BMO Capital Markets from $258.00 to $300.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 20.97% from the stock’s previous close.

Several other analysts have also recently issued reports on ABBV. Piper Sandler restated an “overweight” rating and set a $298.00 target price on shares of AbbVie in a research report on Tuesday, June 23rd. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Morgan Stanley increased their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Royal Bank Of Canada lifted their target price on shares of AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a report on Friday. Finally, HSBC reaffirmed a “buy” rating and set a $300.00 target price on shares of AbbVie in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $264.81.

AbbVie Stock Performance

NYSE:ABBV opened at $248.00 on Monday. The firm has a 50-day simple moving average of $225.42 and a two-hundred day simple moving average of $221.20. AbbVie has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The firm has a market cap of $438.17 billion, a P/E ratio of 122.17, a P/E/G ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter last year, the firm posted $2.46 EPS. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities research analysts predict that AbbVie will post 14.3 EPS for the current year.

Hedge Funds Weigh In On AbbVie

Hedge funds have recently bought and sold shares of the stock. Chelsea Counsel Co. acquired a new position in AbbVie in the third quarter valued at $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter worth about $28,000. Westend Capital Management LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $29,000. Imprint Wealth LLC grew its position in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID boosted its stake in AbbVie by 115.9% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 73 shares in the last quarter. Hedge funds and other institutional investors 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.