Jefferies Group LLC Reaffirms Buy Rating for AbbVie Inc. (ABBV)
AbbVie Inc. (NYSE:ABBV)‘s stock had its “buy” rating reaffirmed by analysts at Jefferies Group LLC in a report released on Friday. They currently have a $94.00 price target on the stock. Jefferies Group LLC’s target price points to a potential upside of 10.15% from the company’s current price.
Several other equities analysts have also recently commented on the stock. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Evercore ISI assumed coverage on shares of AbbVie in a research report on Wednesday, August 16th. They set an “outperform” rating and a $95.00 price target on the stock. Piper Jaffray Companies reaffirmed a “buy” rating and set a $85.00 price target on shares of AbbVie in a research report on Thursday, August 3rd. Cowen and Company set a $70.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research report on Sunday, July 30th. Finally, Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target on the stock in a research report on Wednesday, July 26th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $75.59.
AbbVie (NYSE ABBV) traded up 4.35% during mid-day trading on Friday, hitting $85.34. The stock had a trading volume of 14,809,087 shares. AbbVie has a one year low of $55.06 and a one year high of $86.09. The stock has a market cap of $136.04 billion, a P/E ratio of 20.99 and a beta of 1.48. The company has a 50 day moving average price of $72.41 and a 200 day moving average price of $68.39.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter last year, the company posted $1.26 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, 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 firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the sale, the insider now owns 187,625 shares in the company, valued at $13,133,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Carlos Alban sold 45,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were 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 in the company, valued at approximately $11,238,150. The disclosure for this sale can be found here. Insiders sold 490,491 shares of company stock worth $34,684,639 in the last 90 days. 0.23% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in ABBV. Vanguard Group Inc. increased its stake in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after purchasing an additional 3,706,941 shares during the period. Janus Henderson Group PLC increased its stake in shares of AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after acquiring an additional 3,646,510 shares during the period. Orbis Allan Gray Ltd increased its stake in shares of AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares during the period. Capital Research Global Investors increased its stake in shares of AbbVie by 1.2% during the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after acquiring an additional 2,130,919 shares during the period. Finally, BlackRock Inc. increased its stake in shares of AbbVie by 2.0% during the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after acquiring an additional 1,864,418 shares during the period. Institutional investors own 68.29% of the company’s stock.
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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