AbbVie Inc. (ABBV) Downgraded by BidaskClub
AbbVie Inc. (NYSE:ABBV) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
A number of other analysts have also weighed in on ABBV. Piper Jaffray Companies reiterated a “buy” rating and issued a $85.00 target price on shares of AbbVie in a research note on Thursday. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 target price on the stock in a research note on Wednesday, July 26th. Cowen and Company set a $70.00 target price on AbbVie and gave the stock a “hold” rating in a research note on Sunday, July 30th. Credit Suisse Group reiterated a “neutral” rating and issued a $74.00 target price (up previously from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. Finally, Leerink Swann set a $71.00 target price on AbbVie and gave the stock a “hold” rating in a research note on Thursday, April 20th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $75.35.
Shares of AbbVie (ABBV) remained flat at $70.99 on Friday. 4,732,537 shares of the company’s stock were exchanged. The stock has a market capitalization of $112.98 billion, a PE ratio of 13.89 and a beta of 1.50. AbbVie has a 52 week low of $55.06 and a 52 week high of $75.04. The company’s 50 day moving average price is $72.07 and its 200 day moving average price is $66.31.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. AbbVie had a return on equity of 154.76% and a net margin of 24.77%. The business had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter last year, the firm posted $1.26 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. Equities research analysts predict that AbbVie will post $5.52 EPS for the current fiscal year.
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In related news, EVP Carlos Alban sold 45,800 shares of AbbVie stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the completion of the sale, the executive vice president now owns 160,545 shares of the company’s stock, valued at $11,238,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard A. Gonzalez sold 65,861 shares of AbbVie stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $71.00, for a total value of $4,676,131.00. Following the sale, the chief executive officer now directly owns 342,353 shares of the company’s stock, valued at approximately $24,307,063. The disclosure for this sale can be found here. In the last three months, insiders sold 406,895 shares of company stock valued at $28,140,423. Corporate insiders own 0.23% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in AbbVie during the fourth quarter worth approximately $823,984,000. State Street Corp increased its stake in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after buying an additional 1,696,042 shares during the period. Comerica Bank increased its stake in AbbVie by 81.7% in the second quarter. Comerica Bank now owns 1,849,149 shares of the company’s stock worth $136,671,000 after buying an additional 831,625 shares during the period. Wedge Capital Management L L P NC purchased a new stake in AbbVie during the first quarter worth approximately $46,744,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in AbbVie during the fourth quarter worth approximately $41,452,000. 68.00% of the stock is owned by hedge funds and other institutional investors.
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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