Credit Suisse Group Reiterates “Neutral” Rating for AbbVie Inc. (ABBV)
Credit Suisse Group restated their neutral rating on shares of AbbVie Inc. (NYSE:ABBV) in a research note issued to investors on Sunday morning. Credit Suisse Group currently has a $94.00 price objective on the stock, up from their previous price objective of $74.00.
ABBV has been the subject of a number of other research reports. Zacks Investment Research lowered AbbVie from a hold rating to a sell rating in a research note on Tuesday, July 4th. Vetr upgraded AbbVie from a hold rating to a buy rating and set a $76.28 target price for the company in a research note on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) restated a buy rating and issued a $100.00 target price (up previously from $85.00) on shares of AbbVie in a research note on Friday, September 8th. Jefferies Group LLC restated a buy rating and issued a $107.00 target price (up previously from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Finally, BidaskClub upgraded AbbVie from a buy rating to a strong-buy rating in a research note on Wednesday, September 6th. 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. AbbVie has a consensus rating of Buy and a consensus target price of $89.90.
Shares of AbbVie (NYSE ABBV) opened at 89.90 on Friday. The firm has a 50 day moving average price of $81.10 and a 200-day moving average price of $71.64. AbbVie has a 12-month low of $55.06 and a 12-month high of $90.95. The company has a market cap of $143.31 billion, a price-to-earnings ratio of 22.11 and a beta of 1.51. AbbVie also saw unusually large options trading on Monday. Stock investors purchased 278 put options on the company. This represents an increase of approximately 121% compared to the average daily volume of 126 put options.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. The company had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the business posted $1.26 EPS. On average, equities analysts expect that AbbVie will post $5.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
In other news, VP Robert A. Michael sold 6,699 shares of the firm’s 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 directly owns 10,007 shares in the company, valued at approximately $880,616. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the sale, the senior vice president now owns 93,099 shares in the company, valued at $7,915,276.98. The disclosure for this sale can be found here. Insiders have sold a total of 379,890 shares of company stock worth $27,187,817 over the last 90 days. Insiders own 0.23% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Formidable Asset Management LLC grew its position in shares of AbbVie by 0.3% during the 2nd quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock valued at $285,000 after acquiring an additional 10 shares during the period. WealthTrust Axiom LLC grew its position in shares of AbbVie by 0.3% during the 2nd quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock valued at $312,000 after acquiring an additional 15 shares during the period. Abner Herrman & Brock LLC grew its position in shares of AbbVie by 0.3% during the 2nd quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock valued at $456,000 after acquiring an additional 18 shares during the period. Bollard Group LLC grew its position in shares of AbbVie by 0.5% during the 2nd quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock valued at $273,000 after acquiring an additional 19 shares during the period. Finally, St. Louis Trust Co grew its position in shares of AbbVie by 0.7% during the 2nd quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock valued at $248,000 after acquiring an additional 23 shares during the period. Hedge funds and other institutional investors 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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