Canaccord Genuity Group Increases AbbVie (NYSE:ABBV) Price Target to $282.00

AbbVie (NYSE:ABBV) had its price objective increased by stock analysts at Canaccord Genuity Group from $273.00 to $282.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 10.08% from the stock’s previous close.

ABBV has been the subject of several other reports. Wells Fargo & Company boosted their price objective on AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Evercore set a $235.00 target price on AbbVie in a research note on Friday, May 15th. Cantor Fitzgerald boosted their price target on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Bank of America increased their price target on AbbVie from $234.00 to $276.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $268.10.

AbbVie Stock Up 1.1%

Shares of NYSE:ABBV opened at $256.18 on Wednesday. The company’s 50-day moving average price is $231.78 and its 200 day moving average price is $222.23. The company has a market cap of $452.62 billion, a PE ratio of 126.20, a P/E/G ratio of 0.84 and a beta of 0.30. AbbVie has a fifty-two week low of $184.90 and a fifty-two week high of $261.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.72 billion. During the same quarter in the prior year, the firm earned $2.46 EPS. AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, equities analysts anticipate that AbbVie will post 14.18 EPS for the current year.

Institutional Investors Weigh In On AbbVie

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of AbbVie by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 180,779,699 shares of the company’s stock valued at $41,306,353,000 after purchasing an additional 3,032,438 shares during the period. State Street Corp lifted its holdings in shares of AbbVie by 1.4% in the fourth quarter. State Street Corp now owns 80,940,931 shares of the company’s stock valued at $18,494,193,000 after buying an additional 1,119,274 shares during the period. Geode Capital Management LLC boosted its stake in AbbVie by 10.4% during the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after buying an additional 4,190,487 shares in the last quarter. Bank of America Corp DE boosted its stake in AbbVie by 1.4% during the fourth quarter. Bank of America Corp DE now owns 25,824,399 shares of the company’s stock valued at $5,900,617,000 after buying an additional 356,394 shares in the last quarter. Finally, Norges Bank acquired a new position in AbbVie during the fourth quarter worth about $5,865,055,000. Institutional investors own 70.23% of the company’s stock.

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.