AbbVie Inc. (ABBV) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of AbbVie Inc. (NYSE:ABBV) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $72.00 price objective on the stock.
According to Zacks, “AbbVie’s key drug Humira has been performing well and sales should continue to be driven by growing awareness, favorable clinical data, additional indications and expansion into new markets. Moreover, products like Viekira and Imbruvica have diversified AbbVie’s revenue base. Imbruvica has multi-billion dollar potential and AbbVie is exploring the potential to expand Imbruvica’s label into solid tumors and autoimmune diseases. AbbVie has a deep and promising pipeline and is also working on expanding its portfolio though additional deals. However, Viekira is facing intense pricing pressure and competition in the HCV market. Additionally, quite a few companies are working on bringing Humira biosimilars to market. Amgen’s biosimilar version of Humira received FDA approval in Sep 2016. Abbvie could see some of its dominant share in the arthritis market contract when Amgen’s new drug is launched.”
A number of other equities analysts also recently commented on the stock. Goldman Sachs Group Inc. restated a buy rating and issued a $78.00 target price on shares of AbbVie in a research note on Tuesday. Vetr upgraded shares of AbbVie from a buy rating to a strong-buy rating and set a $72.59 price objective on the stock in a research note on Thursday, September 8th. JPMorgan Chase & Co. downgraded shares of AbbVie from an overweight rating to a neutral rating and dropped their price objective for the company from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Raymond James Financial Inc. began coverage on shares of AbbVie in a research note on Thursday, September 1st. They set an outperform rating and a $82.00 price objective on the stock. Finally, Jefferies Group reiterated a buy rating on shares of AbbVie in a research note on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $70.68.
AbbVie (NYSE:ABBV) traded down 0.56% during midday trading on Wednesday, reaching $63.86. 841,564 shares of the company’s stock were exchanged. The stock has a market capitalization of $104.00 billion, a price-to-earnings ratio of 18.42 and a beta of 1.49. The stock’s 50-day moving average is $64.90 and its 200-day moving average is $62.24. AbbVie has a 12-month low of $45.45 and a 12-month high of $68.12.
AbbVie (NYSE:ABBV) last issued its 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 the consensus estimate of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.08 EPS. On average, equities analysts forecast that AbbVie will post $4.81 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.11% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Carnick & Kubik Group LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $1,608,000. Williams Jones & Associates LLC increased its stake in AbbVie by 16.1% in the second quarter. Williams Jones & Associates LLC now owns 60,395 shares of the company’s stock worth $3,739,000 after buying an additional 8,375 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in AbbVie during the second quarter worth about $4,043,000. Kentucky Retirement Systems bought a new stake in AbbVie during the second quarter worth about $8,515,000. Finally, KAMES CAPITAL plc increased its stake in AbbVie by 2.5% in the second quarter. KAMES CAPITAL plc now owns 443,681 shares of the company’s stock worth $27,460,000 after buying an additional 10,930 shares during the period. 68.36% of the stock is currently owned by institutional investors.
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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