Leerink Swann Downgrades AbbVie (ABBV) to Market Perform

AbbVie (NYSE:ABBV) was downgraded by analysts at Leerink Swann from an “outperform” rating to a “market perform” rating in a report released on Monday, Marketbeat Ratings reports. They currently have a $127.00 price objective on the stock. Leerink Swann’s target price suggests a potential upside of 3.83% from the company’s current price.

Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Tuesday, October 17th. BidaskClub downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 25th. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 price objective on the stock in a research report on Wednesday, December 20th. Credit Suisse Group set a $98.00 price objective on shares of AbbVie and gave the company a “hold” rating in a research report on Monday, January 22nd. Finally, SunTrust Banks restated a “buy” rating on shares of AbbVie in a research report on Monday, October 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and an average target price of $111.27.

AbbVie (NYSE ABBV) traded down $0.90 on Monday, reaching $122.31. 10,175,402 shares of the company’s stock traded hands, compared to its average volume of 5,090,000. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. AbbVie has a fifty-two week low of $59.27 and a fifty-two week high of $125.86. The company has a market capitalization of $194,970.00, a P/E ratio of 29.69, a PEG ratio of 1.28 and a beta of 1.53.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The business had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same period last year, the firm earned $1.20 earnings per share. The company’s quarterly revenue was up 13.9% on a year-over-year basis. research analysts expect that AbbVie will post 7.38 earnings per share for the current year.

In related news, Chairman Richard A. Gonzalez sold 218,193 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the transaction, the chairman now directly owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Timothy J. Richmond sold 87,040 shares of the firm’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold 476,376 shares of company stock valued at $45,580,873 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of ABBV. Jennison Associates LLC purchased a new position in shares of AbbVie in the 3rd quarter worth $544,418,000. Capital International Investors grew its stake in shares of AbbVie by 137.7% in the 3rd quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after buying an additional 4,550,954 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of AbbVie by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after buying an additional 3,706,941 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of AbbVie by 1,949.7% in the 2nd quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after buying an additional 3,646,510 shares in the last quarter. Finally, Orbis Allan Gray Ltd grew its stake in shares of AbbVie by 35.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after buying an additional 3,340,038 shares in the last quarter. 69.28% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for AbbVie (NYSE:ABBV)

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