Cantor Fitzgerald Reiterates “Overweight” Rating for AbbVie (NYSE:ABBV)

AbbVie (NYSE:ABBV)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They currently have a $200.00 target price on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 18.95% from the stock’s current price. Cantor Fitzgerald also issued estimates for AbbVie’s FY2024 earnings at $10.61 EPS.

A number of other analysts also recently issued reports on ABBV. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. BMO Capital Markets lowered their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Guggenheim lifted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. Finally, Barclays decreased their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

AbbVie Stock Performance

Shares of ABBV stock opened at $168.14 on Tuesday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The company has a market capitalization of $296.91 billion, a P/E ratio of 49.89, a price-to-earnings-growth ratio of 2.26 and a beta of 0.64. The company’s 50 day moving average price is $164.92 and its two-hundred day moving average price is $168.27. AbbVie has a 52 week low of $132.70 and a 52 week high of $182.89.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same period last year, the company posted $2.46 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, analysts expect that AbbVie will post 10.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbbVie

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Lokken Investment Group LLC lifted its holdings in shares of AbbVie by 3.6% during the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares in the last quarter. Arcadia Investment Management Corp MI lifted its holdings in shares of AbbVie by 0.6% during the first quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after buying an additional 59 shares in the last quarter. Aspen Wealth Strategies LLC lifted its holdings in shares of AbbVie by 0.5% during the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock worth $1,776,000 after buying an additional 61 shares in the last quarter. Marks Group Wealth Management Inc lifted its holdings in shares of AbbVie by 2.9% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after buying an additional 63 shares in the last quarter. Finally, Spinnaker Investment Group LLC lifted its holdings in shares of AbbVie by 1.6% during the first quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock worth $741,000 after buying an additional 64 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.