Evercore ISI Reaffirms Outperform Rating for AbbVie Inc. (ABBV)
Evercore ISI reaffirmed their outperform rating on shares of AbbVie Inc. (NYSE:ABBV) in a report issued on Saturday. Evercore ISI currently has a $100.00 price target on the stock, up from their prior price target of $95.00.
A number of other research analysts have also commented on ABBV. BidaskClub upgraded shares of AbbVie from a buy rating to a strong-buy rating in a research note on Wednesday, September 6th. Credit Suisse Group reissued a neutral rating and set a $74.00 price target (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Barclays PLC restated a hold rating and issued a $68.00 price target on shares of AbbVie in a research report on Thursday, September 28th. Jefferies Group LLC reaffirmed a buy rating and set a $107.00 price objective (up from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Finally, Leerink Swann reaffirmed a market perform rating on shares of AbbVie in a research report on Thursday, June 22nd. 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. The stock presently has a consensus rating of Buy and an average price target of $89.90.
Shares of AbbVie (NYSE:ABBV) opened at 90.39 on Friday. AbbVie has a 52 week low of $55.06 and a 52 week high of $90.95. The firm has a market capitalization of $144.09 billion, a PE ratio of 22.23 and a beta of 1.51. The firm’s 50-day moving average is $80.00 and its 200 day moving average is $71.33. AbbVie also saw unusually large options trading on Monday. Stock traders bought 278 put options on the stock. This is an increase of approximately 121% compared to the average volume of 126 put options.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The business 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 company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $1.26 earnings per share. On average, equities analysts forecast that AbbVie will post $5.52 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 2.83%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is 62.90%.
In other AbbVie news, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now directly owns 93,099 shares of the company’s stock, valued at approximately $7,915,276.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the completion of the sale, the vice president now directly owns 10,007 shares of the company’s stock, valued at $880,616. The disclosure for this sale can be found here. Insiders have sold a total of 379,890 shares of company stock worth $27,187,817 over the last ninety days. 0.23% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Acropolis Investment Management LLC acquired a new stake in AbbVie in the 2nd quarter worth about $106,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in AbbVie in the 1st quarter valued at about $108,000. Hudock Capital Group LLC grew its holdings in AbbVie by 109.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock valued at $111,000 after buying an additional 806 shares during the period. Ffcm LLC increased its stake in shares of AbbVie by 167.2% during the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after acquiring an additional 963 shares during the last quarter. Finally, BDO Wealth Advisors LLC acquired a new position in shares of AbbVie during the 2nd quarter valued at about $115,000. Institutional investors and hedge funds own 68.26% of the company’s stock.
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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