AbbVie Inc. (ABBV) Cut to Hold at BidaskClub
BidaskClub downgraded shares of AbbVie Inc. (NYSE:ABBV) from a buy rating to a hold rating in a research note published on Friday.
Other equities research analysts have also recently issued research reports about the company. Jefferies Group LLC reissued a buy rating on shares of AbbVie in a research note on Friday, May 26th. Societe Generale raised AbbVie from a hold rating to a buy rating in a research note on Thursday, June 22nd. Vetr cut AbbVie from a strong-buy rating to a buy rating and set a $71.84 target price for the company. in a research note on Monday, May 15th. Piper Jaffray Companies reissued a buy rating and set a $85.00 target price on shares of AbbVie in a research note on Thursday. Finally, Deutsche Bank AG raised their target price on AbbVie from $64.00 to $65.00 and gave the stock a hold rating in a research note on Friday, April 28th. Nine research analysts have rated the stock with a hold rating, eight 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 $75.35.
AbbVie (ABBV) opened at 70.99 on Friday. The company’s 50-day moving average price is $72.07 and its 200-day moving average price is $66.31. AbbVie has a 12-month low of $55.06 and a 12-month high of $75.04. The stock has a market cap of $112.98 billion, a PE ratio of 17.46 and a beta of 1.50.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a return on equity of 154.76% and a net margin of 24.77%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.26 earnings per share. On average, equities analysts expect that AbbVie will post $5.52 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a yield of 3.61%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
In related news, CEO Richard A. Gonzalez sold 65,861 shares of AbbVie stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.00, for a total value of $4,676,131.00. Following the completion of the transaction, the chief executive officer now directly owns 342,353 shares in the company, valued at $24,307,063. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 87,899 shares of AbbVie stock in a transaction on Friday, August 4th. The shares were sold at an average price of $71.02, for a total value of $6,242,586.98. Following the completion of the transaction, the chairman now owns 342,353 shares of the company’s stock, valued at $24,313,910.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 406,895 shares of company stock valued at $28,140,423. 0.23% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WealthTrust Axiom LLC raised its position in AbbVie by 0.3% in the second quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock worth $312,000 after buying an additional 15 shares during the period. Abner Herrman & Brock LLC raised its position in AbbVie by 0.3% in the second quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock worth $456,000 after buying an additional 18 shares during the period. Bollard Group LLC raised its position in AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock worth $273,000 after buying an additional 19 shares during the period. St. Louis Trust Co raised its position in AbbVie by 0.7% in the second quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock worth $248,000 after buying an additional 23 shares during the period. Finally, TRUE Private Wealth Advisors raised its position in AbbVie by 0.5% in the first quarter. TRUE Private Wealth Advisors now owns 4,787 shares of the company’s stock worth $313,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 67.89% of the company’s stock.
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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