AbbVie Inc. (ABBV) Downgraded by Vetr Inc.
Vetr lowered shares of AbbVie Inc. (NYSE:ABBV) from a strong-buy rating to a buy rating in a research note issued to investors on Monday. They currently have $67.75 price objective on the stock.
ABBV has been the topic of several other research reports. Jefferies Group restated a buy rating on shares of AbbVie in a research note on Thursday, August 25th. JPMorgan Chase & Co. cut shares of AbbVie from an overweight rating to a neutral rating and lowered their target price for the company from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Raymond James Financial Inc. assumed coverage on shares of AbbVie in a research note on Thursday, September 1st. They set an outperform rating and a $82.00 target price on the stock. Goldman Sachs Group Inc. restated a buy rating and set a $78.00 target price on shares of AbbVie in a research note on Thursday, September 8th. Finally, Argus restated a buy rating and set a $85.00 target price on shares of AbbVie in a research note on Monday, August 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. AbbVie currently has an average rating of Hold and an average target price of $69.54.
Shares of AbbVie (NYSE:ABBV) opened at 60.80 on Monday. The firm’s 50-day moving average is $60.36 and its 200 day moving average is $62.70. The company has a market capitalization of $98.81 billion, a price-to-earnings ratio of 16.44 and a beta of 1.55. AbbVie has a 12 month low of $50.71 and a 12 month high of $68.12.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 28th. The company reported $1.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.01. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.55 billion. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 EPS. Equities analysts expect that AbbVie will post $4.82 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.21%. This is a positive change from AbbVie’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Wednesday, January 11th. AbbVie’s dividend payout ratio is currently 61.62%.
In related news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Acropolis Investment Management LLC bought a new stake in shares of AbbVie during the second quarter worth about $106,000. Penserra Capital Management LLC raised its stake in shares of AbbVie by 100.0% in the third quarter. Penserra Capital Management LLC now owns 1,764 shares of the company’s stock worth $111,000 after buying an additional 882 shares during the period. Glassman Wealth Services raised its stake in shares of AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock worth $113,000 after buying an additional 1,256 shares during the period. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the second quarter worth about $114,000. Finally, Hartford Financial Management Inc. raised its stake in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares during the period. 66.67% of the stock is owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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