AbbVie’s (NYSE:ABBV) Hold Rating Reiterated at Deutsche Bank AG
Deutsche Bank AG reissued their hold rating on shares of AbbVie Inc. (NYSE:ABBV) in a research report released on Monday. They currently have a $66.00 price objective on the stock, up from their prior price objective of $65.00.
Other research analysts also recently issued research reports about the company. Jefferies Group LLC reaffirmed a buy rating and issued a $94.00 price objective (up previously from $92.00) on shares of AbbVie in a research note on Monday. Zacks Investment Research raised AbbVie from a sell rating to a hold rating in a research note on Thursday, July 13th. Vetr raised AbbVie from a hold rating to a buy rating and set a $74.86 price objective on the stock in a research note on Thursday, July 6th. Leerink Swann set a $71.00 price objective on AbbVie and gave the stock a hold rating in a research note on Thursday, April 20th. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $63.00 price objective on shares of AbbVie in a research note on Wednesday, March 22nd. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. AbbVie presently has a consensus rating of Buy and a consensus target price of $74.52.
Shares of AbbVie (NYSE:ABBV) opened at 74.01 on Monday. The company has a 50-day moving average price of $71.21 and a 200-day moving average price of $65.76. The company has a market capitalization of $117.79 billion, a PE ratio of 19.18 and a beta of 1.51. AbbVie has a 52 week low of $55.06 and a 52 week high of $74.22.
AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, April 27th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. AbbVie had a return on equity of 148.83% and a net margin of 24.07%. The company had revenue of $6.54 billion for the quarter, compared to the consensus estimate of $6.49 billion. During the same quarter in the prior year, the company earned $1.15 earnings per share. AbbVie’s revenue was up 9.7% on a year-over-year basis. Analysts predict that AbbVie will post $5.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date is Wednesday, July 12th. AbbVie’s dividend payout ratio is currently 66.32%.
In other AbbVie news, EVP Carlos Alban sold 43,000 shares of AbbVie stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $67.00, for a total transaction of $2,881,000.00. Following the completion of the sale, the executive vice president now directly owns 114,745 shares of the company’s stock, valued at approximately $7,687,915. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Laura J. Schumacher sold 79,800 shares of AbbVie stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the sale, the insider now directly owns 187,625 shares of the company’s stock, valued at $13,133,750. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 278,135 shares of company stock valued at $18,841,085. 0.23% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of ABBV. Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter worth $823,984,000. Glenview Capital Management LLC bought a new position in AbbVie during the fourth quarter valued at approximately $570,905,000. Asset Management One Co. Ltd. raised its position in AbbVie by 471.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,801,318 shares of the company’s stock valued at $175,449,000 after buying an additional 2,311,080 shares during the last quarter. State Street Corp raised its position in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after buying an additional 1,696,042 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in AbbVie during the first quarter valued at approximately $46,744,000. 68.04% of the stock is owned by institutional investors and hedge funds.
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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