Traders Buy Large Volume of Put Options on AbbVie (ABBV)
AbbVie Inc. (NYSE:ABBV) was the recipient of some unusual options trading on Monday. Stock traders acquired 278 put options on the company. This is an increase of approximately 121% compared to the average daily volume of 126 put options.
A number of analysts have recently weighed in on ABBV shares. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $74.86 price objective for the company in a research note on Thursday, July 6th. Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective (up previously from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Societe Generale raised AbbVie from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research note on Thursday, August 3rd. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. AbbVie has a consensus rating of “Buy” and a consensus price target of $82.38.
In other news, Chairman Richard A. Gonzalez sold 193,131 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the completion of the sale, the chairman now owns 469,623 shares of the company’s stock, valued at $33,343,233. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 87,899 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $71.02, for a total value of $6,242,586.98. Following the sale, the chairman now directly owns 342,353 shares of the company’s stock, valued at approximately $24,313,910.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 373,191 shares of company stock valued at $26,598,305. Insiders own 0.23% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Bogart Wealth LLC lifted its holdings in shares of AbbVie by 36.2% in the 2nd quarter. Bogart Wealth LLC now owns 24,439 shares of the company’s stock worth $1,772,000 after buying an additional 6,491 shares during the period. MPS Loria Financial Planners LLC purchased a new stake in shares of AbbVie in the 2nd quarter worth $1,581,000. Frontier Investment Mgmt Co. lifted its holdings in shares of AbbVie by 34.8% in the 2nd quarter. Frontier Investment Mgmt Co. now owns 9,979 shares of the company’s stock worth $724,000 after buying an additional 2,574 shares during the period. W. E. Donoghue & Co. LLC purchased a new stake in shares of AbbVie in the 2nd quarter worth $16,696,000. Finally, Intl Fcstone Inc. lifted its holdings in shares of AbbVie by 188.4% in the 2nd quarter. Intl Fcstone Inc. now owns 30,430 shares of the company’s stock worth $2,206,000 after buying an additional 19,878 shares during the period. Institutional investors and hedge funds own 68.25% of the company’s stock.
AbbVie (NYSE:ABBV) opened at 87.41 on Thursday. AbbVie has a 12 month low of $55.06 and a 12 month high of $89.69. The stock has a market cap of $139.34 billion, a price-to-earnings ratio of 21.50 and a beta of 1.48. The firm’s 50-day moving average price is $75.76 and its 200 day moving average price is $69.87.
AbbVie (NYSE:ABBV) last issued 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. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the prior year, the business earned $1.26 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts anticipate that AbbVie will post $5.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is 62.90%.
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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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