AbbVie Inc. (ABBV) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of AbbVie Inc. (NYSE:ABBV) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $72.00 price target on the stock.
According to Zacks, “AbbVie’s key drug Humira has been performing well and sales should continue to be driven by growing awareness, favorable clinical data, additional indications and expansion into new markets. Moreover, products like Viekira and Imbruvica have diversified AbbVie’s revenue base. Imbruvica has multi-billion dollar potential and AbbVie is exploring the potential to expand Imbruvica’s label into solid tumors and autoimmune diseases. AbbVie has a deep and promising pipeline and is also working on expanding its portfolio though additional deals. However, Viekira is facing intense pricing pressure and competition in the HCV market. Additionally, quite a few companies are working on bringing Humira biosimilars to market. Amgen’s biosimilar version of Humira received FDA approval in Sep 2016. Abbvie could see some of its dominant share in the arthritis market contract when Amgen’s new drug is launched.”
Other equities research analysts have also recently issued reports about the company. Jefferies Group reiterated a buy rating on shares of AbbVie in a report on Thursday, August 25th. Vetr upgraded AbbVie from a hold rating to a buy rating and set a $68.69 target price for the company in a report on Tuesday, June 7th. Deutsche Bank AG reiterated a hold rating on shares of AbbVie in a report on Tuesday, June 7th. JPMorgan Chase & Co. cut AbbVie from an overweight rating to a neutral rating and lowered their target price for the stock from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Finally, Credit Suisse Group AG reiterated an outperform rating and issued a $67.00 target price on shares of AbbVie in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $70.68.
Shares of AbbVie (NYSE:ABBV) opened at 63.07 on Wednesday. AbbVie has a 52-week low of $45.45 and a 52-week high of $68.12. The stock has a market capitalization of $102.71 billion, a PE ratio of 18.19 and a beta of 1.50. The company’s 50 day moving average price is $64.69 and its 200 day moving average price is $62.29.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company earned $6.43 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same quarter in the previous year, the business earned $1.08 EPS. AbbVie’s revenue was up 17.8% compared to the same quarter last year. On average, equities research analysts anticipate that AbbVie will post $4.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio is presently 65.71%.
In other news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total value of $3,250,000.00. Following the sale, the insider now owns 144,138 shares in the company, valued at $9,368,970. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.11% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of ABBV. Alexandria Capital LLC increased its stake in shares of AbbVie by 0.3% in the second quarter. Alexandria Capital LLC now owns 4,543 shares of the company’s stock worth $281,000 after buying an additional 14 shares during the last quarter. Bollard Group LLC increased its stake in shares of AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,693 shares of the company’s stock worth $229,000 after buying an additional 17 shares during the last quarter. Lathrop Investment Management Corp increased its stake in shares of AbbVie by 0.3% in the second quarter. Lathrop Investment Management Corp now owns 6,335 shares of the company’s stock worth $392,000 after buying an additional 21 shares during the last quarter. Regent Investment Management LLC increased its stake in shares of AbbVie by 0.3% in the first quarter. Regent Investment Management LLC now owns 11,929 shares of the company’s stock worth $681,000 after buying an additional 30 shares during the last quarter. Finally, Texan Capital Management increased its stake in shares of AbbVie by 0.4% in the second quarter. Texan Capital Management now owns 8,312 shares of the company’s stock worth $515,000 after buying an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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