AbbVie (NYSE:ABBV) Given New $265.00 Price Target at Cantor Fitzgerald

AbbVie (NYSE:ABBV) had its target price boosted by analysts at Cantor Fitzgerald from $240.00 to $265.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 1.58% from the stock’s current price.

Several other analysts also recently commented on the stock. DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 price target on the stock in a report on Thursday, April 30th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.00.

AbbVie Stock Down 0.1%

Shares of AbbVie stock opened at $260.88 on Monday. AbbVie has a 52 week low of $184.63 and a 52 week high of $261.64. The business has a 50 day moving average price of $220.19 and a 200-day moving average price of $220.25. The company has a market cap of $460.92 billion, a PE ratio of 128.51, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.59 by $0.06. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations 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 earnings per share. As a group, research analysts anticipate that AbbVie will post 14.28 EPS for the current year.

Institutional Investors Weigh In On AbbVie

A number of hedge funds have recently modified their holdings of ABBV. Cedar Mountain Advisors LLC lifted its position in shares of AbbVie by 62.8% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 630 shares of the company’s stock valued at $159,000 after buying an additional 243 shares during the last quarter. SWP Investment Management LLC increased its holdings in AbbVie by 3.9% in the 2nd quarter. SWP Investment Management LLC now owns 13,423 shares of the company’s stock worth $3,378,000 after acquiring an additional 500 shares during the last quarter. First Financial Bank Trust Division raised its stake in AbbVie by 3.9% in the 2nd quarter. First Financial Bank Trust Division now owns 25,875 shares of the company’s stock valued at $6,511,000 after acquiring an additional 983 shares during the period. Adelphi Trust Co raised its stake in AbbVie by 8.5% in the 2nd quarter. Adelphi Trust Co now owns 10,464 shares of the company’s stock valued at $2,633,000 after acquiring an additional 816 shares during the period. Finally, VectorGlobal IAG Inc. purchased a new stake in AbbVie during the first quarter valued at about $10,864,000. Institutional investors own 70.23% of the company’s stock.

About AbbVie

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.