AbbVie (NYSE:ABBV) Price Target Raised to $280.00

AbbVie (NYSE:ABBV) had its price objective boosted by analysts at Royal Bank Of Canada from $260.00 to $280.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 12.17% from the stock’s previous close.

A number of other research firms have also weighed in on ABBV. Piper Sandler reissued an “overweight” rating and set a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. Morgan Stanley lifted their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Canaccord Genuity Group increased their price target on shares of AbbVie from $265.00 to $273.00 and gave the company a “buy” rating 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. Finally, Guggenheim boosted their price objective on shares of AbbVie from $249.00 to $261.00 and gave the company a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $260.81.

AbbVie Trading Down 0.1%

Shares of AbbVie stock opened at $249.63 on Friday. The company’s 50-day moving average price is $224.54 and its 200-day moving average price is $221.06. AbbVie has a 12-month low of $184.63 and a 12-month high of $261.64. The company has a market cap of $441.04 billion, a price-to-earnings ratio of 122.88, a PEG ratio of 0.83 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the prior year, the firm posted $2.46 EPS. AbbVie’s revenue was up 12.4% on a year-over-year basis. On average, sell-side analysts predict that AbbVie will post 14.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after acquiring an additional 3,032,438 shares during the last quarter. State Street Corp grew its position in AbbVie by 1.4% in the 4th quarter. State Street Corp now owns 80,940,931 shares of the company’s stock worth $18,494,193,000 after purchasing an additional 1,119,274 shares during the period. Geode Capital Management LLC grew its position in AbbVie by 10.4% in the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after purchasing an additional 4,190,487 shares during the period. Bank of America Corp DE raised its stake in AbbVie by 1.4% during the 4th quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock valued at $5,900,617,000 after buying an additional 356,394 shares during the last quarter. Finally, Norges Bank bought a new position in shares of AbbVie during the 4th quarter valued at $5,865,055,000. Hedge funds and other 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.