AbbVie Inc. (ABBV) Receives New Coverage from Analysts at Leerink Swann
Leerink Swann initiated coverage on shares of AbbVie Inc. (NYSE:ABBV) in a research report released on Tuesday morning. The brokerage issued a market perform rating and a $70.00 target price on the stock.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of AbbVie from a hold rating to a buy rating and set a $72.00 price target for the company in a report on Wednesday, September 28th. Jefferies Group reiterated a buy rating and issued a $90.00 price objective on shares of AbbVie in a research note on Wednesday, October 5th. Goldman Sachs Group Inc. reiterated a buy rating and issued a $78.00 price objective on shares of AbbVie in a research note on Tuesday, September 27th. JPMorgan Chase & Co. lowered shares of AbbVie from an overweight rating to a neutral rating and cut their price objective for the stock from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Finally, Vetr upgraded shares of AbbVie from a hold rating to a buy rating and set a $67.63 price objective on the stock in a research note on Thursday, August 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $70.64.
Shares of AbbVie (NYSE:ABBV) opened at 61.55 on Tuesday. AbbVie has a 12 month low of $45.45 and a 12 month high of $68.12. The stock’s 50 day moving average is $63.29 and its 200-day moving average is $62.81. The company has a market cap of $100.24 billion, a P/E ratio of 17.75 and a beta of 1.50.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same quarter in the prior year, the company posted $1.08 earnings per share. AbbVie’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, equities analysts forecast that AbbVie will post $4.81 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a yield of 3.70%. AbbVie’s dividend payout ratio (DPR) is 65.71%.
In related news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the sale, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.11% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in ABBV. Alexandria Capital LLC increased its stake in AbbVie by 0.3% in the second quarter. Alexandria Capital LLC now owns 4,543 shares of the company’s stock valued at $281,000 after buying an additional 14 shares during the period. Bollard Group LLC increased its position in shares of AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,693 shares of the company’s stock worth $229,000 after buying an additional 17 shares during the last quarter. Lathrop Investment Management Corp increased its position in shares of AbbVie by 0.3% in the second quarter. Lathrop Investment Management Corp now owns 6,335 shares of the company’s stock worth $392,000 after buying an additional 21 shares during the last quarter. Canal Capital Management LLC increased its position in shares of AbbVie by 0.8% in the third quarter. Canal Capital Management LLC now owns 3,853 shares of the company’s stock worth $243,000 after buying an additional 30 shares during the last quarter. Finally, Texan Capital Management increased its position in shares of AbbVie by 0.4% in the second quarter. Texan Capital Management now owns 8,312 shares of the company’s stock worth $515,000 after buying an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 68.35% 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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