Citigroup Inc. Reaffirms “Buy” Rating for AbbVie Inc. (ABBV)
Several other analysts have also recently commented on the company. Goldman Sachs Group Inc. reiterated a buy rating and issued a $78.00 target price on shares of AbbVie in a report on Thursday, September 8th. Vetr upgraded AbbVie from a hold rating to a buy rating and set a $67.14 target price on the stock in a report on Monday, July 18th. Jefferies Group reiterated a buy rating on shares of AbbVie in a report on Thursday, August 25th. Argus reiterated a buy rating and issued a $85.00 target price on shares of AbbVie in a report on Monday, August 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 analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $69.83.
Shares of AbbVie (NYSE:ABBV) opened at 64.00 on Tuesday. The firm has a market capitalization of $104.23 billion, a P/E ratio of 17.30 and a beta of 1.55. AbbVie has a one year low of $50.71 and a one year high of $68.12. The firm’s 50-day moving average is $61.29 and its 200 day moving average is $62.75.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 28th. The company reported $1.21 earnings per share (EPS) 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 earned $6.43 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. The firm’s revenue was up 7.4% compared to the same quarter last year. Equities research analysts predict that AbbVie will post $4.82 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.00%. This is a positive change from AbbVie’s previous quarterly dividend of $0.57. The ex-dividend date is Wednesday, January 11th. AbbVie’s dividend payout ratio is presently 61.62%.
In related news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.11% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its stake in AbbVie by 18.9% in the second quarter. Nisa Investment Advisors LLC now owns 631,940 shares of the company’s stock worth $39,123,000 after buying an additional 100,674 shares during the last quarter. BB&T Securities LLC raised its stake in AbbVie by 46.4% in the first quarter. BB&T Securities LLC now owns 1,379,549 shares of the company’s stock worth $78,799,000 after buying an additional 436,945 shares during the last quarter. Capital Research Global Investors raised its stake in AbbVie by 100.6% in the second quarter. Capital Research Global Investors now owns 152,718,713 shares of the company’s stock worth $9,439,710,000 after buying an additional 76,593,054 shares during the last quarter. RNC Capital Management LLC raised its stake in AbbVie by 1.2% in the second quarter. RNC Capital Management LLC now owns 620,340 shares of the company’s stock worth $38,405,000 after buying an additional 7,057 shares during the last quarter. Finally, AXA raised its stake in 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 and hedge funds.
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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