AbbVie (NYSE:ABBV) Price Target Increased to $110.00 by Analysts at Mizuho

AbbVie (NYSE:ABBV) had its target price hoisted by equities research analysts at Mizuho from $101.00 to $110.00 in a report released on Monday, The Fly reports. The firm currently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 12.04% from the company’s current price.

A number of other equities research analysts have also recently issued reports on ABBV. Royal Bank of Canada upped their price objective on shares of AbbVie from $102.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, June 25th. They noted that the move was a valuation call. Piper Sandler upped their price target on shares of AbbVie from $97.00 to $110.00 in a report on Wednesday, June 10th. ValuEngine cut shares of AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 27th. Atlantic Securities upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Tuesday, June 23rd. Finally, TheStreet upgraded shares of AbbVie from a “c+” rating to a “b-” rating in a report on Friday, June 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $106.80.

Shares of NYSE:ABBV opened at $98.18 on Monday. The stock has a market capitalization of $141.96 billion, a PE ratio of 17.38, a P/E/G ratio of 2.06 and a beta of 0.85. AbbVie has a 1 year low of $62.55 and a 1 year high of $99.35. The firm has a fifty day moving average price of $93.21 and a 200 day moving average price of $86.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 1st. The company reported $2.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.25 by $0.17. The firm had revenue of $8.62 billion during the quarter, compared to analysts’ expectations of $8.31 billion. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. AbbVie’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.14 earnings per share. On average, equities analysts anticipate that AbbVie will post 10.54 earnings per share for the current year.

In related news, EVP Timothy J. Richmond sold 19,445 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total value of $1,652,825.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the completion of the transaction, the senior vice president now directly owns 52,760 shares of the company’s stock, valued at approximately $4,748,400. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of ABBV. Norges Bank acquired a new position in AbbVie in the fourth quarter worth about $1,352,805,000. Janus Henderson Group PLC raised its position in AbbVie by 82.6% in the first quarter. Janus Henderson Group PLC now owns 11,515,689 shares of the company’s stock worth $877,346,000 after purchasing an additional 5,208,549 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of AbbVie by 61.5% during the fourth quarter. Renaissance Technologies LLC now owns 11,796,744 shares of the company’s stock worth $1,044,484,000 after buying an additional 4,490,046 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of AbbVie by 23.0% during the first quarter. Bank of New York Mellon Corp now owns 18,590,115 shares of the company’s stock worth $1,416,380,000 after buying an additional 3,480,190 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of AbbVie by 580.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,055,609 shares of the company’s stock worth $359,006,000 after buying an additional 3,459,683 shares in the last quarter. 72.44% of the stock is owned by hedge funds and other institutional investors.

About AbbVie

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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