AbbVie’s “Neutral” Rating Reaffirmed at Zacks (ABBV)
AbbVie (NASDAQ:ABBV)‘s stock had its “neutral” rating restated by Zacks in a report issued on Monday. They currently have a $56.00 price target on the stock. Zacks‘s price target suggests a potential upside of 5.30% from the stock’s previous close.
Zacks’ analyst wrote, “AbbVie reported second quarter EPS of $0.82, unchanged from the year-ago EPS but surpassing the Zacks Consensus Estimate of $0.76. Revenues grew 5% to $4.926 billion, surpassing the Zacks Consensus Estimate of $4.671 billion. Results were boosted by Humira’s strong performance. We are positive on the company’s decision to acquire UK-based Shire. AbbVie will not just lower its taxes through this acquisition it will also boost its product portfolio significantly especially for rare diseases. This acquisition is very important for the company, which was mainly dependent on Humira for growth. Meanwhile, investor focus will remain on the potential approval and launch of the HCV combination therapy. We maintain a Neutral recommendation on AbbVie. “
Other equities research analysts have also recently issued reports about the stock. Analysts at BMO Capital Markets raised their price target on shares of AbbVie from $68.00 to $72.00 in a research note on Monday, July 14th. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of AbbVie in a research note on Monday, July 14th. They now have a $71.00 price target on the stock, up previously from $66.00. Finally, analysts at Barclays upgraded shares of AbbVie from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 2nd. They now have a $69.00 price target on the stock, up previously from $44.00. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $61.00.
Shares of AbbVie (NASDAQ:ABBV) traded up 1.05% during mid-day trading on Monday, hitting $53.74. 10,464,706 shares of the company’s stock traded hands. AbbVie has a 1-year low of $42.25 and a 1-year high of $58.27. The stock’s 50-day moving average is $54.84 and its 200-day moving average is $51.98. The company has a market cap of $85.450 billion and a P/E ratio of 20.61. AbbVie also saw unusually large options trading on Friday. Investors acquired 10,771 call options on the stock. This is an increase of 278% compared to the typical daily volume of 2,849 call options.
AbbVie (NASDAQ:ABBV) last released its earnings data on Friday, July 25th. The company reported $0.82 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.76 by $0.06. The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the company posted $0.82 earnings per share. Analysts expect that AbbVie will post $3.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, July 11th.
AbbVie Inc (NASDAQ:ABBV) is a research-based pharmaceuticals company.
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