BMO Capital Markets Reaffirms Market Perform Rating for AbbVie Inc. (ABBV)
ABBV has been the topic of several other reports. Zacks Investment Research raised 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. Jefferies Group reissued a buy rating and issued a $90.00 target price on shares of AbbVie in a report on Wednesday, October 5th. Goldman Sachs Group Inc. reissued a buy rating and issued a $78.00 target price on shares of AbbVie in a report on Tuesday, September 27th. Leerink Swann started coverage on AbbVie in a report on Tuesday, October 18th. They issued a market perform rating and a $70.00 target price on the stock. Finally, JPMorgan Chase & Co. downgraded AbbVie from an overweight rating to a neutral rating and dropped their target price for the stock from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $69.83.
AbbVie (NYSE:ABBV) opened at 64.00 on Tuesday. The stock’s 50 day moving average price is $61.29 and its 200 day moving average price is $62.75. AbbVie has a 1-year low of $50.71 and a 1-year high of $68.12. The company has a market cap of $104.23 billion, a P/E ratio of 17.30 and a beta of 1.55.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 28th. The company reported $1.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.01. AbbVie had a return on equity of 150.77% and a net margin of 24.08%. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period in the previous year, the company posted $1.13 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. On average, equities analysts anticipate that AbbVie will post $4.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be paid a $0.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Wednesday, January 11th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.00%. AbbVie’s dividend payout ratio is 61.62%.
In other news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.11% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock worth $743,963,000 after buying an additional 93,719 shares during the last quarter. Loomis Sayles & Co. L P raised its position in shares of AbbVie by 1.6% in the first quarter. Loomis Sayles & Co. L P now owns 895,297 shares of the company’s stock worth $51,139,000 after buying an additional 14,376 shares during the last quarter. Cleararc Capital Inc. raised its position in shares of AbbVie by 1.3% in the first quarter. Cleararc Capital Inc. now owns 42,276 shares of the company’s stock worth $2,415,000 after buying an additional 542 shares during the last quarter. Groesbeck Investment Management Corp NJ raised its position in shares of AbbVie by 35.3% in the first quarter. Groesbeck Investment Management Corp NJ now owns 127,815 shares of the company’s stock worth $7,301,000 after buying an additional 33,354 shares during the last quarter. Finally, AXA raised its position in shares of AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock worth $174,855,000 after buying an additional 1,304,557 shares during the last quarter. 68.51% of the stock is owned by institutional investors.
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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