AbbVie Inc. (ABBV) Given “Buy” Rating at Piper Jaffray Companies
Piper Jaffray Companies restated their buy rating on shares of AbbVie Inc. (NYSE:ABBV) in a research report sent to investors on Friday morning. The firm currently has a $100.00 target price on the stock.
Several other equities analysts have also weighed in on ABBV. Jefferies Group LLC reiterated a buy rating on shares of AbbVie in a report on Friday, May 26th. Credit Suisse Group reiterated a hold rating and set a $65.00 price objective on shares of AbbVie in a report on Wednesday, June 7th. BidaskClub upgraded shares of AbbVie from a buy rating to a strong-buy rating in a report on Saturday, June 10th. Vetr lowered shares of AbbVie from a buy rating to a hold rating and set a $72.72 price objective on the stock. in a report on Wednesday, June 14th. Finally, Societe Generale upgraded shares of AbbVie from a hold rating to a buy rating in a report on Thursday, June 22nd. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. AbbVie currently has a consensus rating of Buy and a consensus target price of $82.38.
AbbVie (ABBV) traded down 2.07% during trading on Friday, reaching $87.37. The company’s stock had a trading volume of 20,441,496 shares. The stock’s 50-day moving average is $74.86 and its 200 day moving average is $69.44. AbbVie has a 12 month low of $55.06 and a 12 month high of $89.69. The company has a market cap of $139.28 billion, a P/E ratio of 21.49 and a beta of 1.48.
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 the consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the business earned $1.26 earnings per share. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities analysts forecast that AbbVie will post $5.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is 62.90%.
In other news, Director Edward J. Rapp acquired 4,000 shares of AbbVie stock in a transaction on Monday, July 31st. The stock was acquired at an average cost of $70.45 per share, with a total value of $281,800.00. Following the transaction, the director now owns 15,498 shares of the company’s stock, valued at approximately $1,091,834.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $85.02, for a total transaction of $705,666.00. Following the completion of the sale, the senior vice president now directly owns 93,099 shares of the company’s stock, valued at $7,915,276.98. The disclosure for this sale can be found here. Insiders sold a total of 373,191 shares of company stock valued at $26,598,305 over the last ninety days. 0.23% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the business. Investec Asset Management LTD grew its position in AbbVie by 3.6% in the 1st quarter. Investec Asset Management LTD now owns 166,978 shares of the company’s stock worth $10,880,000 after purchasing an additional 5,801 shares in the last quarter. Accident Compensation Corp grew its position in AbbVie by 24.7% in the 1st quarter. Accident Compensation Corp now owns 66,200 shares of the company’s stock worth $4,314,000 after purchasing an additional 13,100 shares in the last quarter. Clean Yield Group grew its position in AbbVie by 25.0% in the 1st quarter. Clean Yield Group now owns 9,598 shares of the company’s stock worth $625,000 after purchasing an additional 1,920 shares in the last quarter. Comerica Securities Inc. grew its position in AbbVie by 832.7% in the 1st quarter. Comerica Securities Inc. now owns 66,443 shares of the company’s stock worth $4,329,000 after purchasing an additional 59,319 shares in the last quarter. Finally, Suntrust Banks Inc. grew its position in AbbVie by 3.7% in the 1st quarter. Suntrust Banks Inc. now owns 1,216,484 shares of the company’s stock worth $79,265,000 after purchasing an additional 43,617 shares in the last quarter. 68.29% of the stock is owned by institutional investors and hedge funds.
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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