AbbVie Inc. (NYSE:ABBV) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of AbbVie Inc. (NYSE:ABBV) have received a consensus rating of “Moderate Buy” from the twenty-five analysts that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $253.4286.

A number of equities research analysts recently issued reports on ABBV shares. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Royal Bank Of Canada started coverage on AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price target for the company. Canaccord Genuity Group raised their price target on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Morgan Stanley raised their price target on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Evercore set a $235.00 price target on AbbVie in a research note on Friday, May 15th.

AbbVie Price Performance

Shares of ABBV stock opened at $217.83 on Wednesday. AbbVie has a 1 year low of $181.73 and a 1 year high of $244.81. The stock’s 50 day simple moving average is $208.43 and its two-hundred day simple moving average is $219.67. The company has a market cap of $384.85 billion, a PE ratio of 107.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the prior year, the business posted $2.46 earnings per share. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Equities research analysts expect that AbbVie will post 14.3 EPS for the current year.

Insider Activity

In related news, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares of the company’s stock, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Fin Capital Inc. lifted its stake in shares of AbbVie by 0.9% during the 1st quarter. Blue Fin Capital Inc. now owns 16,445 shares of the company’s stock worth $3,577,000 after acquiring an additional 147 shares during the last quarter. Alpine Woods Capital Investors LLC lifted its stake in shares of AbbVie by 7.5% during the 1st quarter. Alpine Woods Capital Investors LLC now owns 31,234 shares of the company’s stock worth $6,793,000 after acquiring an additional 2,190 shares during the last quarter. Allen Capital Group LLC increased its holdings in AbbVie by 12.0% during the 1st quarter. Allen Capital Group LLC now owns 3,807 shares of the company’s stock worth $828,000 after purchasing an additional 409 shares during the period. Security Financial Services INC. increased its holdings in AbbVie by 6.1% during the 1st quarter. Security Financial Services INC. now owns 1,378 shares of the company’s stock worth $300,000 after purchasing an additional 79 shares during the period. Finally, Capasso Planning Partners LLC increased its holdings in AbbVie by 97.6% during the 1st quarter. Capasso Planning Partners LLC now owns 4,979 shares of the company’s stock worth $1,083,000 after purchasing an additional 2,459 shares during the period. 70.23% of the stock is owned by institutional investors.

Key Stories Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
• Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
• Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
• Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?

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.