AbbVie (NYSE:ABBV) Price Target Increased to $96.00 by Analysts at UBS Group
AbbVie (NYSE:ABBV) had its price target upped by research analysts at UBS Group from $79.00 to $96.00 in a research note issued on Tuesday, The Fly reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 7.84% from the stock’s previous close.
A number of other analysts have also issued reports on the stock. Cowen set a $90.00 target price on shares of AbbVie and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Citigroup upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and raised their target price for the stock from $87.00 to $90.00 in a research report on Thursday, September 26th. Piper Jaffray Companies raised their target price on shares of AbbVie from $81.00 to $90.00 in a research report on Friday, November 1st. TheStreet lowered shares of AbbVie from a “b-” rating to a “c” rating in a research report on Monday, August 26th. Finally, ValuEngine upgraded shares of AbbVie from a “strong sell” rating to a “sell” rating in a research report on Monday, September 30th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $86.30.
NYSE ABBV traded up $0.29 during mid-day trading on Tuesday, reaching $89.02. 6,006,382 shares of the stock were exchanged, compared to its average volume of 8,055,201. AbbVie has a 1-year low of $62.66 and a 1-year high of $94.98. The business’s fifty day simple moving average is $78.82 and its 200 day simple moving average is $73.86. The stock has a market capitalization of $131.07 billion, a PE ratio of 11.25, a PEG ratio of 2.21 and a beta of 0.98.
In related news, Vice Chairman Laura J. Schumacher purchased 25,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were bought at an average price of $70.42 per share, with a total value of $1,760,500.00. Following the completion of the purchase, the insider now directly owns 164,838 shares in the company, valued at approximately $11,607,891.96. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Timothy J. Richmond sold 15,515 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $75.02, for a total transaction of $1,163,935.30. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.
Several hedge funds have recently modified their holdings of ABBV. Nuveen Asset Management LLC raised its stake in shares of AbbVie by 1,715.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock valued at $697,664,000 after acquiring an additional 9,065,487 shares during the period. BlackRock Inc. raised its stake in shares of AbbVie by 3.3% in the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after acquiring an additional 3,100,309 shares during the period. Putnam Investments LLC raised its stake in shares of AbbVie by 433.3% in the 2nd quarter. Putnam Investments LLC now owns 3,634,868 shares of the company’s stock valued at $264,327,000 after acquiring an additional 2,953,331 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of AbbVie by 81.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,176,070 shares of the company’s stock valued at $376,404,000 after acquiring an additional 2,326,510 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of AbbVie by 83.4% in the 2nd quarter. Renaissance Technologies LLC now owns 4,538,542 shares of the company’s stock valued at $330,043,000 after acquiring an additional 2,064,486 shares during the period. 69.62% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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