AbbVie Inc. (ABBV) Stock Rating Upgraded by Leerink Swann
Leerink Swann upgraded shares of AbbVie Inc. (NYSE:ABBV) from a market perform rating to an outperform rating in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have $106.00 price target on the stock, up from their prior price target of $89.00.
Other equities research analysts have also issued reports about the stock. BidaskClub lowered shares of AbbVie from a strong-buy rating to a buy rating in a report on Friday, July 28th. Vetr upgraded shares of AbbVie from a hold rating to a buy rating and set a $76.28 price objective on the stock in a report on Wednesday, July 26th. Societe Generale upgraded shares of AbbVie from a hold rating to a buy rating in a report on Thursday, June 22nd. Jefferies Group LLC restated a buy rating and set a $94.00 price objective (up from $92.00) on shares of AbbVie in a report on Monday, July 17th. Finally, Piper Jaffray Companies restated a buy rating and set a $85.00 price objective on shares of AbbVie in a report on Thursday, August 3rd. Nine analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. AbbVie currently has an average rating of Buy and an average price target of $89.90.
Shares of AbbVie (NYSE ABBV) opened at 90.18 on Monday. AbbVie has a 52 week low of $55.06 and a 52 week high of $90.95. The firm’s 50-day moving average is $81.66 and its 200 day moving average is $71.77. The firm has a market capitalization of $143.76 billion, a P/E ratio of 22.18 and a beta of 1.51.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The company had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $1.26 earnings per share. Equities research analysts forecast that AbbVie will post $5.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
In other news, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $88.00, for a total value of $589,512.00. Following the completion of the transaction, the vice president now owns 10,007 shares of the company’s stock, valued at approximately $880,616. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard A. Gonzalez sold 65,861 shares of AbbVie stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total transaction of $4,676,131.00. Following the completion of the transaction, the chief executive officer now directly owns 342,353 shares of the company’s stock, valued at approximately $24,307,063. The disclosure for this sale can be found here. In the last three months, insiders sold 379,890 shares of company stock valued at $27,187,817. Insiders own 0.23% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital Research Global Investors grew its position in shares of AbbVie by 1.2% in the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after acquiring an additional 2,130,919 shares during the period. Vanguard Group Inc. grew its position in shares of AbbVie by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after acquiring an additional 3,706,941 shares during the period. BlackRock Inc. grew its position in shares of AbbVie by 2.0% in the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after acquiring an additional 1,864,418 shares during the period. State Street Corp grew its position in shares of AbbVie by 2.4% in the 1st quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after acquiring an additional 1,696,042 shares during the period. Finally, Orbis Allan Gray Ltd grew its position in shares of AbbVie by 35.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares during the period. 68.26% of the stock is owned by institutional investors.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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