AbbVie (NYSE:ABBV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $115.00 target price on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 9.90% from the company’s current price.
According to Zacks, “AbbVie’s key drug Humira has been performing well based on strong demand trends for the drug, despite new competition. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. AbbVie’s shares outperformed the industry in the past one year supported by a series of positive news including promising data from several pivotal studies, regulatory approvals in the U.S., Europe, and Japan for its competitive HCV medicine Mavyret and FDA approval for the sixth indication for Imbrivica and settlement of its Humira patent disputes with Amgen. Also, several pivotal data readouts and regulatory milestones are expected in 2018. However, HCV sales continue to be hurt by intensifying competition. Estimates have remained stable ahead of the Q4 earnings release. AbbVie has a positive record of earnings surprises in the recent quarters.”
Several other analysts have also issued reports on ABBV. UBS Group lowered shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their target price for the company from $79.00 to $92.00 in a research report on Monday, September 25th. Jefferies Group reiterated a “buy” rating and issued a $107.00 target price on shares of AbbVie in a research report on Thursday, September 28th. Deutsche Bank lifted their target price on shares of AbbVie to $88.00 and gave the company a “hold” rating in a research report on Thursday, September 28th. Morgan Stanley lifted their target price on shares of AbbVie from $70.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, September 29th. Finally, Argus lifted their target price on shares of AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, September 29th. Six research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $101.38.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The business had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter last year, the business earned $1.21 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities analysts expect that AbbVie will post 5.56 EPS for the current fiscal year.
In other news, SVP Timothy J. Richmond sold 87,040 shares of the firm’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the transaction, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at $11,136,467.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Henry O. Gosebruch sold 18,300 shares of AbbVie stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the transaction, the insider now directly owns 81,287 shares in the company, valued at $7,360,537.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 494,676 shares of company stock worth $47,237,938. Insiders own 0.23% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Round Table Services LLC purchased a new stake in shares of AbbVie in the 4th quarter valued at approximately $207,000. V Wealth Management LLC grew its holdings in shares of AbbVie by 24.3% in the fourth quarter. V Wealth Management LLC now owns 3,892 shares of the company’s stock valued at $399,000 after purchasing an additional 762 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $399,000. TRUE Private Wealth Advisors grew its holdings in shares of AbbVie by 85.4% in the fourth quarter. TRUE Private Wealth Advisors now owns 9,709 shares of the company’s stock valued at $939,000 after purchasing an additional 4,472 shares in the last quarter. Finally, Personal Capital Advisors Corp grew its holdings in shares of AbbVie by 53.7% in the fourth quarter. Personal Capital Advisors Corp now owns 7,541 shares of the company’s stock valued at $729,000 after purchasing an additional 2,634 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors.
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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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