AbbVie Inc. (ABBV) Stock Rating Upgraded by Leerink Swann
AbbVie Inc. (NYSE:ABBV) was upgraded by equities researchers at Leerink Swann from a “market perform” rating to an “outperform” rating in a report issued on Monday. The brokerage presently has a $106.00 price objective on the stock, up from their previous price objective of $89.00. Leerink Swann’s target price indicates a potential upside of 18.17% from the company’s previous close.
ABBV has been the topic of several other research reports. Credit Suisse Group reiterated a “hold” rating and issued a $65.00 price target 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 for the company. in a report on Wednesday, June 14th. Societe Generale raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, Zacks Investment Research cut shares of AbbVie from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Nine equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $89.90.
AbbVie (NYSE ABBV) opened at 89.70 on Monday. The company’s 50 day moving average is $80.54 and its 200-day moving average is $71.50. The firm has a market cap of $142.99 billion, a P/E ratio of 22.06 and a beta of 1.51. AbbVie has a 52-week low of $55.06 and a 52-week high of $90.95. AbbVie also was the recipient of unusually large options trading on Monday. Stock investors acquired 278 put options on the company. This represents an increase of 121% compared to the typical daily volume of 126 put options.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the firm earned $1.26 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that AbbVie will post $5.52 EPS for the current fiscal year.
In other news, Director Edward J. Rapp acquired 4,000 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were bought 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Henry O. Gosebruch sold 18,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $70.09, for a total transaction of $1,261,620.00. Following the sale, the insider now directly owns 96,074 shares in the company, valued at $6,733,826.66. The disclosure for this sale can be found here. Insiders have sold 379,890 shares of company stock valued at $27,187,817 over the last 90 days. Corporate insiders own 0.23% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after buying an additional 3,706,941 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after buying an additional 3,646,510 shares during the last quarter. Orbis Allan Gray Ltd increased its position in shares of AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares in the last quarter. Capital Research Global Investors increased its position in shares of AbbVie by 1.2% during the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after acquiring an additional 2,130,919 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of AbbVie by 2.0% during the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after acquiring an additional 1,864,418 shares in the last quarter. Institutional investors and hedge funds own 68.26% of the company’s stock.
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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