AbbVie Inc. (ABBV) Receives Consensus Recommendation of “Buy” from Analysts
Shares of AbbVie Inc. (NYSE:ABBV) have been assigned an average rating of “Buy” from the fifteen research firms that are covering the stock, MarketBeat reports. Seven research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $78.39.
Several equities research analysts have issued reports on ABBV shares. BMO Capital Markets reissued a “market perform” rating and set a $66.00 target price on shares of AbbVie in a research note on Wednesday, May 17th. Piper Jaffray Companies reissued a “buy” rating and set a $85.00 target price on shares of AbbVie in a research note on Thursday, August 3rd. Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price on shares of AbbVie in a research note on Friday. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $100.00 target price (up previously from $85.00) on shares of AbbVie in a research note on Friday. Finally, Evercore ISI started coverage on AbbVie in a research note on Wednesday, August 16th. They set an “outperform” rating and a $95.00 target price for the company.
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, EVP Carlos Alban sold 45,800 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $3,206,000.00. Following the completion of the transaction, 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 have sold a total of 490,491 shares of company stock valued at $34,684,639 over the last ninety days. 0.23% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of ABBV. Capital Research Global Investors increased its position in AbbVie by 1.2% during the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after purchasing an additional 2,130,919 shares during the period. Vanguard Group Inc. increased its position in AbbVie by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the period. BlackRock Inc. increased its position in AbbVie by 2.0% during the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after purchasing an additional 1,864,418 shares during the period. State Street Corp increased its position in AbbVie by 2.4% during the 1st quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after purchasing an additional 1,696,042 shares during the period. Finally, Orbis Allan Gray Ltd increased its position in AbbVie by 35.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the period. Hedge funds and other institutional investors own 68.29% of the company’s stock.
AbbVie (NYSE ABBV) traded up 4.35% during trading on Friday, hitting $85.34. The stock had a trading volume of 14,809,087 shares. The company’s 50 day moving average is $72.74 and its 200-day moving average is $68.51. The company has a market cap of $136.04 billion, a PE ratio of 20.99 and a beta of 1.48. AbbVie has a 12 month low of $55.06 and a 12 month high of $86.09.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the business posted $1.26 earnings per share. The firm’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that AbbVie will post $5.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is 62.90%.
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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