AbbVie (NYSE:ABBV) Stock Price Up 1.2% – What’s Next?

AbbVie Inc. (NYSE:ABBV) rose 1.2% during trading on Friday . The stock traded as high as $224.02 and last traded at $223.0150. Approximately 6,552,851 shares were traded during trading, a decline of 10% from the average daily volume of 7,262,836 shares. The stock had previously closed at $220.43.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABBV shares. JPMorgan Chase & Co. lifted their price objective on AbbVie from $250.00 to $260.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. BMO Capital Markets restated an “outperform” rating and set a $258.00 price target on shares of AbbVie in a research note on Thursday, January 15th. Berenberg Bank set a $275.00 target price on AbbVie in a research note on Tuesday, January 20th. Raymond James Financial set a $256.00 price objective on AbbVie in a report on Monday, November 3rd. Finally, Scotiabank initiated coverage on shares of AbbVie in a report on Thursday, November 13th. They issued a “sector outperform” rating and a $280.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $249.37.

AbbVie Price Performance

The stock has a market capitalization of $394.15 billion, a price-to-earnings ratio of 168.95, a PEG ratio of 0.91 and a beta of 0.36. The business’s 50-day simple moving average is $224.40 and its two-hundred day simple moving average is $218.46.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 31st. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.77 by $0.09. The firm had revenue of $15.78 billion for the quarter, compared to analyst estimates of $15.58 billion. AbbVie had a return on equity of 3,216.47% and a net margin of 4.00%.AbbVie’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.00 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Conning Inc. lifted its position in shares of AbbVie by 7.1% during the 2nd quarter. Conning Inc. now owns 191,023 shares of the company’s stock worth $35,458,000 after purchasing an additional 12,690 shares during the last quarter. Diversified Trust Co grew its stake in shares of AbbVie by 23.6% in the 3rd quarter. Diversified Trust Co now owns 57,076 shares of the company’s stock valued at $13,215,000 after purchasing an additional 10,891 shares during the period. Dohj LLC grew its position in AbbVie by 41.8% in the second quarter. Dohj LLC now owns 4,529 shares of the company’s stock valued at $802,000 after acquiring an additional 1,335 shares during the period. Permanent Capital Management LP acquired a new position in AbbVie in the third quarter valued at about $720,000. Finally, Railway Pension Investments Ltd lifted its position in AbbVie by 33.0% during the 3rd quarter. Railway Pension Investments Ltd now owns 853,949 shares of the company’s stock worth $197,723,000 after buying an additional 211,800 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

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.