AbbVie Inc (ABBV) Receives $71.05 Average Price Target from Brokerages
Shares of AbbVie Inc (NYSE:ABBV) have been assigned a consensus recommendation of “Hold” from the seventeen brokerages that are currently covering the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $71.05.
Several equities research analysts recently weighed in on the stock. Vetr raised shares of AbbVie from a “hold” rating to a “strong-buy” rating and set a $74.72 target price on the stock in a research note on Monday, March 13th. Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 target price (up from $4.30) on shares of AbbVie in a research note on Tuesday, March 7th. William Blair reaffirmed an “outperform” rating and set a $76.00 target price on shares of AbbVie in a research note on Thursday, December 8th. Finally, Goldman Sachs Group Inc raised shares of AbbVie from a “buy” rating to a “conviction-buy” rating and upped their target price for the stock from $74.00 to $80.00 in a research note on Saturday, March 11th.
In related news, Chairman Richard A. Gonzalez sold 72,016 shares of the stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $64.25, for a total value of $4,627,028.00. Following the transaction, the chairman now directly owns 369,113 shares of the company’s stock, valued at approximately $23,715,510.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Timothy J. Richmond sold 22,451 shares of the stock in a transaction on Friday, March 10th. The shares were sold at an average price of $65.29, for a total transaction of $1,465,825.79. Following the completion of the transaction, the senior vice president now directly owns 26,078 shares in the company, valued at $1,702,632.62. The disclosure for this sale can be found here. Insiders sold a total of 139,599 shares of company stock worth $9,038,322 over the last ninety days. Insiders own 0.11% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. TRUE Private Wealth Advisors increased its position in AbbVie by 0.3% in the third quarter. TRUE Private Wealth Advisors now owns 4,577 shares of the company’s stock worth $279,000 after buying an additional 13 shares during the period. Alpha Windward LLC increased its position in AbbVie by 0.3% in the third quarter. Alpha Windward LLC now owns 4,547 shares of the company’s stock worth $287,000 after buying an additional 15 shares during the period. Bollard Group LLC increased its position in AbbVie by 0.4% in the third quarter. Bollard Group LLC now owns 3,709 shares of the company’s stock worth $234,000 after buying an additional 16 shares during the period. St. Louis Trust Co increased its position in AbbVie by 0.6% in the third quarter. St. Louis Trust Co now owns 3,372 shares of the company’s stock worth $213,000 after buying an additional 20 shares during the period. Finally, Canal Capital Management LLC increased its position in 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 period. 66.67% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of AbbVie (NYSE:ABBV) opened at 65.80 on Tuesday. AbbVie has a 1-year low of $54.80 and a 1-year high of $68.12. The firm has a market capitalization of $104.88 billion, a P/E ratio of 18.13 and a beta of 1.57. The stock’s 50 day moving average is $62.44 and its 200 day moving average is $62.01.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, January 27th. The company reported $1.20 earnings per share for the quarter, hitting the consensus estimate of $1.20. AbbVie had a net margin of 23.22% and a return on equity of 141.55%. The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.92 billion. During the same period in the prior year, the firm earned $1.13 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities analysts predict that AbbVie will post $5.50 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Thursday, April 13th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend is Tuesday, April 11th. AbbVie’s dividend payout ratio (DPR) is 70.52%.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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