AbbVie Inc. (ABBV) Given Buy Rating at Jefferies Group
Other research analysts have also recently issued reports about the company. Vetr raised AbbVie from a hold rating to a buy rating and set a $67.14 price objective for the company in a research report on Monday, July 18th. Credit Suisse Group AG reiterated a buy rating on shares of AbbVie in a report on Sunday, July 10th. Argus reiterated a buy rating and set a $85.00 target price on shares of AbbVie in a report on Monday, August 8th. Goldman Sachs Group Inc. reiterated a buy rating and set a $78.00 target price on shares of AbbVie in a report on Thursday, September 8th. Finally, Zacks Investment Research upgraded AbbVie from a hold rating to a buy rating and set a $72.00 target price on the stock in a report on Wednesday, September 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $70.68.
Shares of AbbVie (NYSE:ABBV) traded down 0.98% during mid-day trading on Wednesday, hitting $62.77. The stock had a trading volume of 760,864 shares. The stock has a market capitalization of $102.22 billion, a P/E ratio of 18.10 and a beta of 1.50. AbbVie has a 52 week low of $45.45 and a 52 week high of $68.12. The stock has a 50 day moving average of $64.35 and a 200-day moving average of $62.49.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.06. The company earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. AbbVie’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 earnings per share. On average, equities research analysts predict that AbbVie will post $4.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is 65.71%.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the sale, the insider now owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.11% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Acropolis Investment Management LLC bought a new position in shares of AbbVie during the second quarter valued at about $106,000. CapWealth Advisors LLC raised its position in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock valued at $103,000 after buying an additional 639 shares in the last quarter. Glassman Wealth Services raised its position in shares of AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock valued at $113,000 after buying an additional 1,256 shares in the last quarter. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the second quarter valued at about $114,000. Finally, Hartford Financial Management Inc. raised its position in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock valued at $115,000 after buying an additional 979 shares in the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.
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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