BMO Capital Markets Issues Pessimistic Forecast for AbbVie (NYSE:ABBV) Stock Price

AbbVie (NYSE:ABBV) had its price objective reduced by analysts at BMO Capital Markets from $228.00 to $208.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ price objective would indicate a potential upside of 19.54% from the company’s current price.

Several other brokerages have also recently commented on ABBV. Guggenheim boosted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Citigroup boosted their target price on shares of AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Barclays increased their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $204.71.

AbbVie Stock Performance

ABBV traded down $0.43 on Tuesday, reaching $174.00. The company had a trading volume of 4,014,974 shares, compared to its average volume of 5,385,117. The stock has a market cap of $307.48 billion, a P/E ratio of 60.83, a P/E/G ratio of 2.44 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.71 and a current ratio of 0.65. AbbVie has a fifty-two week low of $136.30 and a fifty-two week high of $207.32. The company’s fifty day moving average is $194.14 and its 200 day moving average is $180.83.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.95 earnings per share. As a group, analysts predict that AbbVie will post 10.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AbbVie

Institutional investors and hedge funds have recently made changes to their positions in the business. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the 2nd quarter valued at $27,000. Marquette Asset Management LLC bought a new position in AbbVie during the 3rd quarter valued at $39,000. Mizuho Securities Co. Ltd. boosted its holdings in AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of AbbVie in the 3rd quarter worth $39,000. 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.