AbbVie Inc. (ABBV) Earns Buy Rating from Piper Jaffray Companies
AbbVie Inc. (NYSE:ABBV)‘s stock had its “buy” rating reiterated by research analysts at Piper Jaffray Companies in a note issued to investors on Friday. They currently have a $100.00 target price on the stock. Piper Jaffray Companies’ price target would suggest a potential upside of 12.03% from the company’s previous close.
A number of other brokerages have also recently issued reports on ABBV. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 6th. Credit Suisse Group reissued a “neutral” rating and issued a $74.00 target price (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $76.28 target price on the stock. in a report on Thursday, July 20th. Finally, Societe Generale raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $82.38.
Shares of AbbVie (ABBV) traded down 2.34% during trading on Friday, reaching $87.13. The company had a trading volume of 10,702,100 shares. The stock has a market capitalization of $138.89 billion, a price-to-earnings ratio of 21.43 and a beta of 1.48. AbbVie has a 52-week low of $55.06 and a 52-week high of $89.69. The stock has a 50 day moving average of $74.42 and a 200 day moving average of $69.26.
AbbVie (NYSE:ABBV) last issued its 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. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm 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. AbbVie’s revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that AbbVie will post $5.52 EPS for the current year.
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In related news, SVP Azita Saleki-Gerhardt sold 8,300 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $85.02, for a total transaction of $705,666.00. Following the transaction, the senior vice president now owns 93,099 shares in the company, valued at $7,915,276.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 373,191 shares of company stock worth $26,598,305 in the last quarter. Company insiders own 0.23% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Investec Asset Management LTD increased its stake in shares of AbbVie by 3.6% during the first quarter. Investec Asset Management LTD now owns 166,978 shares of the company’s stock valued at $10,880,000 after acquiring an additional 5,801 shares during the period. Clean Yield Group increased its stake in shares of AbbVie by 25.0% during the first quarter. Clean Yield Group now owns 9,598 shares of the company’s stock valued at $625,000 after acquiring an additional 1,920 shares during the period. Comerica Securities Inc. increased its stake in shares of AbbVie by 832.7% during the first quarter. Comerica Securities Inc. now owns 66,443 shares of the company’s stock valued at $4,329,000 after acquiring an additional 59,319 shares during the period. Suntrust Banks Inc. increased its stake in shares of AbbVie by 3.7% during the first quarter. Suntrust Banks Inc. now owns 1,216,484 shares of the company’s stock valued at $79,265,000 after acquiring an additional 43,617 shares during the period. Finally, Wright Investors Service Inc. increased its stake in shares of AbbVie by 22.9% during the second quarter. Wright Investors Service Inc. now owns 51,555 shares of the company’s stock valued at $3,738,000 after acquiring an additional 9,610 shares during the period. Institutional investors and hedge funds 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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