AbbVie Inc. (ABBV) Receives New Coverage from Analysts at Evercore ISI
Investment analysts at Evercore ISI initiated coverage on shares of AbbVie Inc. (NYSE:ABBV) in a research note issued on Wednesday, The Fly reports. The brokerage set an “outperform” rating on the stock.
A number of other research firms also recently commented on ABBV. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price objective on the stock in a report on Monday, May 8th. Credit Suisse Group reiterated a “neutral” rating and issued a $74.00 price objective (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. BMO Capital Markets set a $63.00 price objective on AbbVie and gave the company a “hold” rating in a report on Thursday, April 27th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Finally, Leerink Swann restated a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Nine 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 currently has a consensus rating of “Buy” and an average target price of $74.66.
AbbVie (NYSE:ABBV) traded up 0.11% during midday trading on Wednesday, hitting $70.42. The company had a trading volume of 4,751,583 shares. AbbVie has a 12 month low of $55.06 and a 12 month high of $75.04. The firm has a 50-day moving average price of $71.93 and a 200-day moving average price of $66.99. The company has a market cap of $112.26 billion, a price-to-earnings ratio of 17.32 and a beta of 1.50.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the business posted $1.26 EPS. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts anticipate that AbbVie will post $5.52 EPS for the current year.
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In other AbbVie news, insider Laura J. Schumacher sold 79,800 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the completion of the sale, the insider now directly owns 187,625 shares of the company’s stock, valued at approximately $13,133,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total value of $13,712,301.00. Following the sale, the chairman now directly owns 469,623 shares of the company’s stock, valued at $33,343,233. The disclosure for this sale can be found here. Insiders have sold a total of 600,026 shares of company stock valued at $41,852,724 over the last ninety days. 0.23% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Formidable Asset Management LLC boosted its stake in AbbVie by 0.3% in the second quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock valued at $285,000 after buying an additional 10 shares in the last quarter. WealthTrust Axiom LLC boosted its stake in AbbVie by 0.3% in the second quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock valued at $312,000 after buying an additional 15 shares in the last quarter. Abner Herrman & Brock LLC boosted its stake in AbbVie by 0.3% in the second quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock valued at $456,000 after buying an additional 18 shares in the last quarter. Bollard Group LLC boosted its stake in AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock valued at $273,000 after buying an additional 19 shares in the last quarter. Finally, St. Louis Trust Co boosted its stake in AbbVie by 0.7% in the second quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock valued at $248,000 after buying an additional 23 shares in the last quarter. 67.69% of the stock is owned by institutional investors.
AbbVie Company Profile
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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