AbbVie Inc. (ABBV) Earns Buy Rating from Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) reissued their buy rating on shares of AbbVie Inc. (NYSE:ABBV) in a report released on Friday morning. The firm currently has a $100.00 price target on the stock, up from their prior price target of $85.00.
A number of other research analysts have also recently issued reports on ABBV. BidaskClub raised shares of AbbVie from a buy rating to a strong-buy rating in a research note on Wednesday, September 6th. Credit Suisse Group reissued a neutral rating and issued a $74.00 price objective (up from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. BMO Capital Markets reissued a market perform rating and issued a $66.00 price objective on shares of AbbVie in a research note on Wednesday, May 17th. Leerink Swann reissued a market perform rating on shares of AbbVie in a research note on Thursday, June 22nd. Finally, Vetr cut shares of AbbVie from a buy rating to a hold rating and set a $76.28 price objective on the stock. in a research note on Thursday, July 20th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $79.25.
Shares of AbbVie (ABBV) opened at 87.00 on Friday. The company has a market capitalization of $138.69 billion, a price-to-earnings ratio of 21.40 and a beta of 1.48. AbbVie has a 1-year low of $55.06 and a 1-year high of $87.10. The stock has a 50 day moving average price of $72.68 and a 200 day moving average price of $68.66.
AbbVie (NYSE:ABBV) last released its quarterly earnings results 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. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the business earned $1.26 earnings per share. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. Analysts forecast that AbbVie will post $5.52 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.64 per share. The ex-dividend date is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.94%. AbbVie’s payout ratio is presently 62.90%.
In related news, Chairman Richard A. Gonzalez sold 87,899 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $71.02, for a total value of $6,242,586.98. Following the sale, the chairman now owns 342,353 shares of the company’s stock, valued at $24,313,910.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the completion of the sale, the chairman now directly owns 469,623 shares in the company, valued at approximately $33,343,233. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 490,491 shares of company stock worth $34,684,639. Insiders own 0.23% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Formidable Asset Management LLC grew its stake in shares of AbbVie by 0.3% in the second quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock worth $285,000 after purchasing an additional 10 shares during the last quarter. WealthTrust Axiom LLC grew its stake in shares of AbbVie by 0.3% in the second quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock worth $312,000 after purchasing an additional 15 shares during the last quarter. Abner Herrman & Brock LLC grew its stake in shares of AbbVie by 0.3% in the second quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock worth $456,000 after purchasing an additional 18 shares during the last quarter. Bollard Group LLC grew its stake in shares of AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock worth $273,000 after purchasing an additional 19 shares during the last quarter. Finally, St. Louis Trust Co grew its stake in shares of AbbVie by 0.7% in the second quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock worth $248,000 after purchasing an additional 23 shares during the last quarter. 68.29% of the stock is currently owned by institutional investors.
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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