Vetr Inc. Lowers AbbVie Inc. (ABBV) to Buy
Vetr lowered shares of AbbVie Inc. (NYSE:ABBV) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday morning. The brokerage currently has $67.85 price objective on the stock.
Other equities research analysts have also recently issued reports about the stock. Jefferies Group reissued a buy rating and issued a $90.00 price target on shares of AbbVie in a research report on Wednesday, October 5th. 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 research report on Wednesday, September 28th. Goldman Sachs Group Inc. reissued a buy rating and issued a $78.00 price target on shares of AbbVie in a research report on Tuesday, September 27th. Argus reissued a buy rating and issued a $85.00 price target on shares of AbbVie in a research report on Monday, August 8th. Finally, Citigroup Inc. reissued a buy rating on shares of AbbVie in a research report on Tuesday, November 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $69.83.
Shares of AbbVie (NYSE:ABBV) opened at 63.10 on Wednesday. The stock has a market capitalization of $102.54 billion, a price-to-earnings ratio of 17.06 and a beta of 1.55. AbbVie has a 1-year low of $50.71 and a 1-year high of $68.12. The stock’s 50 day moving average is $61.23 and its 200 day moving average is $62.77.
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, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.01. The business earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.55 billion. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.13 EPS. On average, equities analysts forecast that AbbVie will post $4.82 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be given a dividend of $0.64 per share. 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 annualized dividend and a yield of 4.06%. AbbVie’s dividend payout ratio is 61.62%.
In related news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.11% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Acropolis Investment Management LLC acquired a new stake in AbbVie during the second quarter valued at about $106,000. Penserra Capital Management LLC raised its stake in AbbVie by 100.0% in the third quarter. Penserra Capital Management LLC now owns 1,764 shares of the company’s stock valued at $111,000 after buying an additional 882 shares during the last quarter. Glassman Wealth Services raised its stake in 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 during the last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the second quarter valued at about $114,000. Finally, First PREMIER Bank raised its stake in AbbVie by 1,850.0% in the third quarter. First PREMIER Bank now owns 1,950 shares of the company’s stock valued at $123,000 after buying an additional 1,850 shares during the last quarter. 68.46% 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.
To view Vetr’s full report, visit Vetr’s official website.
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