AbbVie (ABBV) Cut to Hold at Argus
Argus cut shares of AbbVie (NYSE:ABBV) from a buy rating to a hold rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports.
A number of other research firms have also weighed in on ABBV. Standpoint Research started coverage on shares of AbbVie in a research note on Wednesday, December 26th. They set a buy rating on the stock. ValuEngine upgraded shares of AbbVie from a strong sell rating to a sell rating in a research note on Friday, March 15th. Zacks Investment Research upgraded shares of AbbVie from a hold rating to a buy rating and set a $100.00 price target on the stock in a research note on Tuesday, January 8th. UBS Group reiterated a neutral rating and issued a $91.00 price target (down from $97.00) on shares of AbbVie in a research note on Wednesday, January 23rd. Finally, Bank of America lowered shares of AbbVie from a buy rating to a neutral rating in a research note on Thursday, January 3rd. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $94.48.
ABBV stock opened at $79.89 on Monday. AbbVie has a fifty-two week low of $75.77 and a fifty-two week high of $107.25. The company has a market cap of $119.13 billion, a P/E ratio of 10.10, a PEG ratio of 1.20 and a beta of 1.17.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $4.28 annualized dividend and a yield of 5.36%. AbbVie’s dividend payout ratio is currently 54.11%.
AbbVie declared that its Board of Directors has approved a stock buyback plan on Thursday, December 13th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
In other news, EVP Azita Saleki-Gerhardt sold 15,797 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $79.03, for a total transaction of $1,248,436.91. Following the transaction, the executive vice president now directly owns 93,312 shares in the company, valued at $7,374,447.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The stock was sold at an average price of $90.00, for a total transaction of $2,250,000.00. Following the transaction, the insider now owns 134,322 shares in the company, valued at $12,088,980. The disclosure for this sale can be found here. Insiders sold 91,272 shares of company stock worth $7,786,290 over the last quarter. 0.07% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Investors lifted its holdings in shares of AbbVie by 266.4% during the third quarter. Capital International Investors now owns 27,594,648 shares of the company’s stock worth $2,609,902,000 after purchasing an additional 20,063,435 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of AbbVie by 4,385.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,195,586 shares of the company’s stock worth $165,000 after purchasing an additional 14,856,786 shares during the period. Norges Bank acquired a new stake in shares of AbbVie during the fourth quarter worth $1,300,469,000. Capital World Investors lifted its holdings in shares of AbbVie by 74.9% during the third quarter. Capital World Investors now owns 25,359,025 shares of the company’s stock worth $2,398,457,000 after purchasing an additional 10,858,432 shares during the period. Finally, Matthew Goff Investment Advisor LLC lifted its holdings in shares of AbbVie by 9,165.1% during the third quarter. Matthew Goff Investment Advisor LLC now owns 2,226,305 shares of the company’s stock worth $24,029,000 after purchasing an additional 2,202,276 shares during the period. Institutional investors and hedge funds own 70.64% of the company’s stock.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.
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