AbbVie (NYSE:ABBV) Trading Up 7.1% – What’s Next?

AbbVie Inc. (NYSE:ABBV)’s share price traded up 7.1% during mid-day trading on Friday . The stock traded as high as $191.77 and last traded at $188.20. 4,079,653 shares were traded during trading, a decline of 30% from the average session volume of 5,795,040 shares. The stock had previously closed at $175.65.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ABBV shares. Sanford C. Bernstein started coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a research note on Thursday, December 5th. Piper Sandler lifted their price objective on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Daiwa America lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Finally, Guggenheim lifted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.00.

AbbVie Stock Performance

The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock has a market cap of $327.31 billion, a price-to-earnings ratio of 64.28, a P/E/G ratio of 1.77 and a beta of 0.58. The company has a 50 day simple moving average of $176.43 and a 200 day simple moving average of $184.84.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 244.01% and a net margin of 9.22%. During the same period last year, the company posted $2.79 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 10.09 EPS for the current year.

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of the business. GGM Financials LLC boosted its position in shares of AbbVie by 0.7% during the third quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock worth $1,362,000 after buying an additional 50 shares during the period. Pine Haven Investment Counsel Inc boosted its holdings in AbbVie by 0.3% in the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after purchasing an additional 52 shares during the period. Dillon & Associates Inc. boosted its holdings in AbbVie by 0.8% in the third quarter. Dillon & Associates Inc. now owns 6,914 shares of the company’s stock valued at $1,362,000 after purchasing an additional 52 shares during the period. First Citizens Financial Corp boosted its holdings in AbbVie by 0.9% in the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after purchasing an additional 53 shares during the period. Finally, Sunflower Bank N.A. boosted its holdings in AbbVie by 0.4% in the third quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after purchasing an additional 53 shares during the period. 70.23% of the stock is currently owned by institutional investors.

About AbbVie

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.