AbbVie Inc. (ABBV) Upgraded to “Strong-Buy” at BidaskClub
BidaskClub upgraded shares of AbbVie Inc. (NYSE:ABBV) from a buy rating to a strong-buy rating in a research note issued to investors on Wednesday morning.
Other research analysts have also recently issued research reports about the stock. BMO Capital Markets restated a market perform rating and issued a $66.00 price objective on shares of AbbVie in a report on Wednesday, May 17th. Piper Jaffray Companies restated a buy rating and issued a $85.00 price objective on shares of AbbVie in a report on Thursday, August 3rd. Evercore ISI began coverage on shares of AbbVie in a report on Wednesday, August 16th. They issued an outperform rating and a $95.00 price objective for the company. Vetr cut shares of AbbVie from a buy rating to a hold rating and set a $72.72 price objective for the company. in a report on Wednesday, June 14th. Finally, Leerink Swann reiterated a market perform rating on shares of AbbVie in a report on Thursday, June 22nd. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. AbbVie presently has a consensus rating of Buy and an average price target of $75.59.
AbbVie (NYSE:ABBV) opened at 77.05 on Wednesday. The company has a market capitalization of $122.82 billion, a P/E ratio of 18.95 and a beta of 1.48. The firm has a 50-day moving average of $72.16 and a 200-day moving average of $68.29. AbbVie has a 52 week low of $55.06 and a 52 week high of $77.46. AbbVie also was the target of some unusual options trading activity on Monday. Investors acquired 278 put options on the company. This represents an increase of 121% compared to the average daily volume of 126 put options.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The firm had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.26 earnings per share. Analysts anticipate that AbbVie will post $5.52 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were given a dividend of $0.64 per share. The ex-dividend date was Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a yield of 3.32%. AbbVie’s payout ratio is currently 62.90%.
In other news, Chairman Richard A. Gonzalez sold 87,899 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $71.02, for a total transaction of $6,242,586.98. Following the transaction, the chairman now directly owns 342,353 shares of the company’s stock, valued at approximately $24,313,910.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Richard A. Gonzalez sold 65,861 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.00, for a total transaction of $4,676,131.00. Following the transaction, the chief executive officer now directly owns 342,353 shares in the company, valued at $24,307,063. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 490,491 shares of company stock valued at $34,684,639. 0.23% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of ABBV. First Command Financial Services Inc. grew its stake in shares of AbbVie by 6.8% during the 1st quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after purchasing an additional 99 shares during the period. Acropolis Investment Management LLC acquired a new position in shares of AbbVie during the 2nd quarter worth $106,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of AbbVie during the 1st quarter worth $108,000. Hudock Capital Group LLC grew its stake in shares of AbbVie by 109.5% during the 2nd quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after purchasing an additional 806 shares during the period. Finally, Ffcm LLC grew its stake in shares of AbbVie by 167.2% during the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after purchasing an additional 963 shares during the period. 68.29% of the stock is currently owned by institutional investors and hedge funds.
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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