AbbVie’s (ABBV) “Outperform” Rating Reiterated at Evercore ISI
AbbVie Inc. (NYSE:ABBV)‘s stock had its “outperform” rating reaffirmed by equities researchers at Evercore ISI in a research report issued to clients and investors on Saturday. They currently have a $100.00 target price on the stock, up from their previous target price of $95.00. Evercore ISI’s target price would suggest a potential upside of 12.54% from the stock’s previous close.
A number of other brokerages also recently issued reports on ABBV. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 6th. Credit Suisse Group restated a “neutral” rating and issued a $74.00 price objective (up previously from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. Barclays PLC restated a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a research note on Thursday. Jefferies Group LLC restated a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Finally, Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and an average target price of $86.66.
Shares of AbbVie (NYSE ABBV) traded down 0.11% during midday trading on Friday, reaching $88.86. The company’s stock had a trading volume of 6,769,367 shares. AbbVie has a one year low of $55.06 and a one year high of $89.69. The firm has a 50-day moving average of $75.76 and a 200-day moving average of $69.87. The stock has a market cap of $141.65 billion, a PE ratio of 21.85 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 (EPS) 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 the consensus estimate of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.26 EPS. On average, analysts forecast that AbbVie will post $5.52 EPS for the current year.
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In related news, VP Robert A. Michael sold 6,699 shares of the stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the sale, the vice president now owns 10,007 shares of the company’s stock, valued at approximately $880,616. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Edward J. Rapp acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the acquisition, the director now directly owns 15,498 shares in the company, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. Insiders have sold a total of 379,890 shares of company stock worth $27,187,817 in the last three months. 0.23% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Acropolis Investment Management LLC bought a new position in AbbVie in the 2nd quarter worth about $106,000. Ffcm LLC increased its stake in AbbVie by 167.2% in the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after acquiring an additional 963 shares during the last quarter. Hudock Capital Group LLC increased its stake in AbbVie by 109.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after acquiring an additional 806 shares during the last quarter. BDO Wealth Advisors LLC bought a new position in AbbVie in the 2nd quarter worth about $115,000. Finally, Franklin Parlapiano Turner & Welch LLC bought a new position in AbbVie in the 1st quarter worth about $108,000. 68.25% of the stock is currently 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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