AbbVie (NYSE:ABBV) Earns Strong-Buy Rating from Analysts at StockNews.com

Posted by Defense World Staff on May 18th, 2023

Equities researchers at StockNews.com started coverage on shares of AbbVie (NYSE:ABBV – Get Rating) in a report issued on Thursday. The firm set a “strong-buy” rating on the stock.

ABBV has been the subject of a number of other research reports. Wolfe Research lowered shares of AbbVie from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, February 22nd. They noted that the move was a valuation call. SVB Securities raised shares of AbbVie from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $135.00 to $153.00 in a research report on Friday, February 10th. BMO Capital Markets decreased their target price on shares of AbbVie from $169.00 to $167.00 and set an “outperform” rating for the company in a research note on Monday, February 6th. Guggenheim decreased their target price on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Finally, Piper Jaffray Companies lifted their target price on shares of AbbVie from $157.00 to $163.00 and gave the company an “overweight” rating in a research note on Friday, February 10th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.40.

AbbVie Price Performance

Shares of NYSE ABBV opened at $143.35 on Thursday. AbbVie has a twelve month low of $134.09 and a twelve month high of $168.11. The company has a current ratio of 0.96, a quick ratio of 0.82 and a debt-to-equity ratio of 4.46. The company has a market capitalization of $252.91 billion, a price-to-earnings ratio of 33.89, a PEG ratio of 2.69 and a beta of 0.58. The firm has a 50-day moving average of $155.31 and a two-hundred day moving average of $155.04.

AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.02. The company had revenue of $12.23 billion for the quarter, compared to analysts’ expectations of $12.23 billion. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm’s revenue was down 9.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.16 earnings per share. As a group, analysts expect that AbbVie will post 10.97 earnings per share for the current fiscal year.

Insider Transactions at AbbVie

In other news, CFO Scott T. Reents sold 15,942 shares of the business’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $153.08, for a total value of $2,440,401.36. Following the completion of the sale, the chief financial officer now directly owns 809 shares in the company, valued at $123,841.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Azita Saleki-Gerhardt sold 25,000 shares of AbbVie stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $149.53, for a total value of $3,738,250.00. Following the transaction, the executive vice president now directly owns 233,208 shares in the company, valued at $34,871,592.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Scott T. Reents sold 15,942 shares of the firm’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $153.08, for a total transaction of $2,440,401.36. Following the completion of the sale, the chief financial officer now owns 809 shares in the company, valued at approximately $123,841.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,897 shares of company stock worth $29,455,233. 0.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On AbbVie

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kalos Management Inc. bought a new stake in AbbVie in the first quarter valued at about $26,000. Red Tortoise LLC acquired a new stake in AbbVie in the 4th quarter valued at $27,000. O Dell Group LLC boosted its stake in AbbVie by 108.7% in the 3rd quarter. O Dell Group LLC now owns 192 shares of the company’s stock valued at $26,000 after buying an additional 100 shares in the last quarter. Boulder Wealth Advisors LLC acquired a new stake in AbbVie in the 4th quarter valued at $31,000. Finally, My Personal CFO LLC acquired a new stake in AbbVie in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 67.71% of the company’s stock.

About AbbVie

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson’s, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.