AbbVie Inc. (ABBV) Earns “Buy” Rating from Goldman Sachs Group, Inc. (The)
AbbVie Inc. (NYSE:ABBV)‘s stock had its “buy” rating reaffirmed by equities research analysts at Goldman Sachs Group, Inc. (The) in a report released on Friday. They currently have a $100.00 price objective on the stock, up from their prior price objective of $85.00. Goldman Sachs Group, Inc. (The)’s price target would indicate a potential upside of 17.18% from the stock’s current price.
ABBV has been the subject of a number of other reports. Zacks Investment Research downgraded AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “buy” rating on shares of AbbVie in a report on Friday, May 26th. Deutsche Bank AG reaffirmed a “hold” rating and set a $66.00 price target (up from $65.00) on shares of AbbVie in a report on Monday, July 17th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $65.00 price target on shares of AbbVie in a report on Wednesday, June 7th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $77.02.
AbbVie (NYSE ABBV) traded up 4.35% during midday trading on Friday, reaching $85.34. The company’s stock had a trading volume of 14,809,087 shares. The firm has a market capitalization of $136.04 billion, a PE ratio of 20.99 and a beta of 1.48. The stock’s 50-day moving average price is $72.74 and its 200 day moving average price is $68.51. AbbVie has a 1-year low of $55.06 and a 1-year high of $86.09.
AbbVie (NYSE:ABBV) last announced its quarterly 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 the consensus estimate of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. AbbVie’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.26 EPS. Equities analysts anticipate that AbbVie will post $5.52 EPS for the current fiscal year.
In related news, Chairman Richard A. Gonzalez sold 193,131 shares of the business’s stock in a transaction dated 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 transaction, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward J. Rapp purchased 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was bought at an average price of $70.45 per share, for a total transaction of $281,800.00. Following the transaction, the director now directly owns 15,498 shares in the company, valued at $1,091,834.10. The disclosure for this purchase can be found here. Insiders sold a total of 490,491 shares of company stock valued at $34,684,639 over the last three months. Company insiders own 0.23% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Beacon Capital Management increased its position in AbbVie by 150.0% in the 4th quarter. Beacon Capital Management now owns 5 shares of the company’s stock valued at $0 after acquiring an additional 3 shares during the period. First Command Financial Services Inc. increased its position in AbbVie by 6.8% in the 1st quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock valued at $102,000 after acquiring an additional 99 shares during the period. CapWealth Advisors LLC increased its position in AbbVie by 55.2% in the 1st quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock valued at $103,000 after acquiring an additional 639 shares during the period. Acropolis Investment Management LLC acquired a new position in AbbVie in the 2nd quarter valued at about $106,000. Finally, Franklin Parlapiano Turner & Welch LLC acquired a new position in AbbVie in the 1st quarter valued at about $108,000. Hedge funds and other institutional investors own 68.29% 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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