AbbVie Inc. (ABBV) Downgraded by Zacks Investment Research to Hold
AbbVie Inc. (NYSE:ABBV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “AbbVie’s key drug Humira has been performing well and should continue to do well. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. Meanwhile, AbbVie has promising pipeline with several pivotal data readouts and regulatory milestones due in the second half. Maviret, approved recently, has the potential to rejuvenate AbbVie’s struggling HCV franchise. AbbVie’s shares have outperformed the industry this year so far. However, though Humira is doing well, the company is concerned about the product’s long-term growth prospects, given the potential biosimilar competition. Viekira also faces intense pricing and competitive pressure in the HCV market. Estimates have gone up slightly ahead of the company’s Q3 earnings release. AbbVie has had a mixed record of earnings surprises in the recent quarters.”
ABBV has been the subject of several other reports. Deutsche Bank AG reaffirmed a “hold” rating and issued a $66.00 price objective (up from $65.00) on shares of AbbVie in a research report on Monday, July 17th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price objective for the company in a research report on Wednesday, July 26th. BidaskClub lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 price objective (up from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Finally, UBS AG reaffirmed a “neutral” rating on shares of AbbVie in a research report on Friday, October 13th. Eight equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $92.79.
Shares of AbbVie (NYSE ABBV) traded down 1.10% on Friday, reaching $95.42. 3,639,357 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $87.46 and a 200-day moving average price of $73.67. The company has a market cap of $152.11 billion, a PE ratio of 23.47 and a beta of 1.51. AbbVie has a 12-month low of $55.06 and a 12-month high of $98.26.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. AbbVie’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $1.26 EPS. Equities research analysts anticipate that AbbVie will post $5.53 EPS for the current fiscal year.
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In other news, VP Robert A. Michael sold 6,699 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $88.00, for a total transaction of $589,512.00. Following the sale, the vice president now owns 10,007 shares of the company’s stock, valued at approximately $880,616. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward J. Rapp acquired 4,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were purchased at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the purchase, 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 have sold a total of 379,890 shares of company stock worth $27,187,817 in the last ninety days. Corporate insiders own 0.23% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Formidable Asset Management LLC grew its stake in shares of AbbVie by 0.3% during the 2nd quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock worth $285,000 after purchasing an additional 10 shares during the period. WealthTrust Axiom LLC grew its stake in shares of AbbVie by 0.3% during the 2nd quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock worth $312,000 after purchasing an additional 15 shares during the period. Abner Herrman & Brock LLC grew its stake in shares of AbbVie by 0.3% during the 2nd quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock worth $456,000 after purchasing an additional 18 shares during the period. Bollard Group LLC grew its stake in shares of AbbVie by 0.5% during the 2nd quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock worth $273,000 after purchasing an additional 19 shares during the period. Finally, St. Louis Trust Co grew its stake in shares of AbbVie by 0.7% during the 2nd quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock worth $248,000 after purchasing an additional 23 shares during the period. 68.25% of the stock is currently owned by institutional investors and hedge funds.
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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