AbbVie Inc. (ABBV) Downgraded to Neutral at Citigroup Inc.
A number of other analysts have also weighed in on the stock. Vetr lowered shares of AbbVie from a strong-buy rating to a buy rating and set a $67.75 price objective on the stock. in a research note on Monday. Leerink Swann reiterated a hold rating on shares of AbbVie in a research note on Tuesday, November 8th. BMO Capital Markets restated a market perform rating and set a $63.00 price target on shares of AbbVie in a research report on Tuesday, November 8th. Jefferies Group restated a buy rating and set a $90.00 price target on shares of AbbVie in a research report on Tuesday, November 1st. Finally, Credit Suisse Group AG lowered shares of AbbVie from an outperform rating to a neutral rating and dropped their price target for the company from $70.00 to $60.00 in a research report on Monday, October 31st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $69.82.
Shares of AbbVie (NYSE:ABBV) opened at 59.46 on Monday. The stock has a market capitalization of $96.63 billion, a PE ratio of 16.07 and a beta of 1.55. The stock’s 50 day moving average is $60.41 and its 200 day moving average is $62.70. AbbVie has a 12 month low of $50.71 and a 12 month high of $68.12.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 28th. The company reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.01. The firm had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.55 billion. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 earnings per share. Analysts anticipate that AbbVie will post $4.82 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Friday, January 13th will be paid a dividend of $0.64 per share. The ex-dividend date is Wednesday, January 11th. This is an increase from AbbVie’s previous quarterly dividend of $0.57. This represents a $2.56 dividend on an annualized basis and a yield of 4.23%. AbbVie’s payout ratio is 61.62%.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction dated 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 transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.11% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Capital Research Global Investors increased its position in shares of 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 period. Nisa Investment Advisors LLC increased its position in shares of 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 period. RNC Capital Management LLC increased its position in shares of 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 period. Atalanta Sosnoff Capital LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $20,759,000. Finally, Bank of Montreal Can purchased a new position in shares of AbbVie during the second quarter worth approximately $93,942,000. 66.67% of the stock is currently owned by institutional investors.
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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