Traders Buy AbbVie (ABBV) on Weakness
Traders bought shares of AbbVie Inc (NYSE:ABBV) on weakness during trading hours on Wednesday. $123.14 million flowed into the stock on the tick-up and $79.52 million flowed out of the stock on the tick-down, for a money net flow of $43.62 million into the stock. Of all stocks tracked, AbbVie had the 26th highest net in-flow for the day. AbbVie traded down ($0.55) for the day and closed at $99.69
Several equities analysts have recently weighed in on ABBV shares. Societe Generale raised their price target on AbbVie in a report on Tuesday, November 21st. Jefferies Group restated a “buy” rating and set a $107.00 price target (up from $94.00) on shares of AbbVie in a report on Friday, September 15th. Piper Jaffray Companies restated a “buy” rating and set a $100.00 price target on shares of AbbVie in a report on Friday, September 15th. Argus raised their price target on AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a report on Friday, September 29th. Finally, Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Tuesday, October 17th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $100.94.
The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. The firm has a market cap of $159,580.00, a PE ratio of 24.26, a P/E/G ratio of 1.20 and a beta of 1.53.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 27th. The company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same period last year, the firm posted $1.21 earnings per share. AbbVie’s revenue was up 8.8% compared to the same quarter last year. sell-side analysts forecast that AbbVie Inc will post 5.55 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, January 11th. This is a boost from AbbVie’s previous quarterly dividend of $0.64. This represents a $2.84 annualized dividend and a dividend yield of 2.84%. AbbVie’s dividend payout ratio (DPR) is 62.14%.
In related news, insider Henry O. Gosebruch sold 18,300 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the sale, the insider now directly owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total value of $20,512,323.93. Following the sale, the chairman now directly owns 492,030 shares in the company, valued at $46,255,740.30. The disclosure for this sale can be found here. Insiders have sold 494,676 shares of company stock worth $47,237,938 over the last ninety days. 0.23% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. Savant Capital LLC boosted its position in AbbVie by 1.3% in the second quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock worth $4,433,000 after purchasing an additional 793 shares during the last quarter. Princeton Capital Management Inc. purchased a new position in AbbVie in the second quarter worth about $1,394,000. Palisade Asset Management LLC boosted its position in AbbVie by 17.9% in the second quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock worth $4,953,000 after purchasing an additional 10,381 shares during the last quarter. Beaton Management Co. Inc. purchased a new position in AbbVie in the second quarter worth about $528,000. Finally, Greatmark Investment Partners Inc. boosted its position in AbbVie by 3.7% in the second quarter. Greatmark Investment Partners Inc. now owns 35,178 shares of the company’s stock worth $2,551,000 after purchasing an additional 1,242 shares during the last quarter. 69.18% of the stock is currently owned by institutional investors and hedge funds.
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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