AbbVie (NYSE:ABBV) Price Target Raised to $280.00 at JPMorgan Chase & Co.

AbbVie (NYSE:ABBV) had its target price raised by equities researchers at JPMorgan Chase & Co. from $260.00 to $280.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 10.68% from the company’s previous close.

Several other research firms have also issued reports on ABBV. Cantor Fitzgerald raised their price target on AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday. Canaccord Genuity Group boosted their price objective on AbbVie from $265.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Evercore set a $235.00 price objective on AbbVie in a research note on Friday, May 15th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Finally, Morgan Stanley lifted their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $257.62.

AbbVie Price Performance

NYSE:ABBV opened at $252.98 on Thursday. The company has a market capitalization of $446.96 billion, a price-to-earnings ratio of 124.62, a PEG ratio of 0.84 and a beta of 0.30. AbbVie has a 1-year low of $184.63 and a 1-year high of $261.64. The business has a 50 day moving average of $223.50 and a 200 day moving average of $220.90.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company 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 company earned $2.46 EPS. The firm’s revenue was up 12.4% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie will post 14.19 EPS for the current year.

Hedge Funds Weigh In On AbbVie

A number of institutional investors have recently added to or reduced their stakes in ABBV. Hennion & Walsh Asset Management Inc. lifted its position in AbbVie by 1.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 23,832 shares of the company’s stock valued at $5,997,000 after acquiring an additional 450 shares during the period. Lexington Hill Partners LLC grew its holdings in AbbVie by 8.7% in the second quarter. Lexington Hill Partners LLC now owns 1,288 shares of the company’s stock worth $324,000 after purchasing an additional 103 shares during the period. Legacy Wealth Management LLC MS increased its stake in shares of AbbVie by 8.6% during the second quarter. Legacy Wealth Management LLC MS now owns 1,014 shares of the company’s stock valued at $255,000 after purchasing an additional 80 shares in the last quarter. Valeo Financial Advisors LLC increased its stake in shares of AbbVie by 5.4% during the second quarter. Valeo Financial Advisors LLC now owns 47,980 shares of the company’s stock valued at $12,074,000 after purchasing an additional 2,473 shares in the last quarter. Finally, Crumly & Associates Inc. lifted its holdings in shares of AbbVie by 6.1% during the second quarter. Crumly & Associates Inc. now owns 2,825 shares of the company’s stock valued at $711,000 after purchasing an additional 163 shares during the last quarter. 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.