AbbVie Inc. (ABBV) Receives “Buy” Rating from Goldman Sachs Group Inc.
Goldman Sachs Group Inc. reissued their buy rating on shares of AbbVie Inc. (NYSE:ABBV) in a research report released on Tuesday morning. The brokerage currently has a $78.00 target price on the stock.
Several other analysts have also issued reports on ABBV. Cowen and Company lowered AbbVie from an outperform rating to a market perform rating and lowered their target price for the company from $77.00 to $70.00 in a research note on Monday, June 6th. JPMorgan Chase & Co. restated a buy rating on shares of AbbVie in a research note on Monday, June 6th. Deutsche Bank AG restated a hold rating on shares of AbbVie in a research note on Tuesday, June 7th. Morgan Stanley lowered AbbVie from an overweight rating to an equal weight rating and lowered their target price for the company from $73.00 to $65.00 in a research note on Monday, June 6th. Finally, Jefferies Group restated a buy rating on shares of AbbVie in a research note on Monday, June 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $70.68.
Shares of AbbVie (NYSE:ABBV) traded down 0.46% on Tuesday, reaching $64.27. The company’s stock had a trading volume of 742,104 shares. The stock has a market cap of $104.67 billion, a P/E ratio of 18.54 and a beta of 1.49. AbbVie has a 52-week low of $45.45 and a 52-week high of $68.12. The firm’s 50 day moving average is $64.97 and its 200-day moving average is $62.23.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.06. The business had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. AbbVie’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period last year, the company posted $1.08 earnings per share. On average, equities research analysts forecast that AbbVie will post $4.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.53%. AbbVie’s payout ratio is currently 65.71%.
In related news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total value of $3,250,000.00. Following the sale, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.11% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Carnick & Kubik Group LLC acquired a new stake in shares of AbbVie during the second quarter valued at approximately $1,608,000. Williams Jones & Associates LLC increased its stake in shares of AbbVie by 16.1% in the second quarter. Williams Jones & Associates LLC now owns 60,395 shares of the company’s stock valued at $3,739,000 after buying an additional 8,375 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of AbbVie during the second quarter valued at approximately $4,043,000. Kentucky Retirement Systems acquired a new stake in shares of AbbVie during the second quarter valued at approximately $8,515,000. Finally, KAMES CAPITAL plc increased its stake in shares of AbbVie by 2.5% in the second quarter. KAMES CAPITAL plc now owns 443,681 shares of the company’s stock valued at $27,460,000 after buying an additional 10,930 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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