AbbVie Inc. (ABBV) Lowered to Neutral at UBS AG
AbbVie Inc. (NYSE:ABBV) was downgraded by equities research analysts at UBS AG from a “buy” rating to a “neutral” rating in a report released on Monday, 247wallst.com reports. They currently have a $92.00 price objective on the stock, up from their prior price objective of $79.00. UBS AG’s price objective would suggest a potential upside of 5.17% from the stock’s previous close.
ABBV has been the subject of several other reports. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price objective for the company in a research note on Wednesday, July 26th. Deutsche Bank AG reiterated a “hold” rating and set a $66.00 price objective (up from $65.00) on shares of AbbVie in a research note on Monday, July 17th. BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $94.00 price objective (up from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Finally, Zacks Investment Research upgraded AbbVie from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $83.02.
AbbVie (NYSE:ABBV) last released its quarterly earnings data 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. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the company posted $1.26 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year.
In other news, Director Edward J. Rapp acquired 4,000 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was purchased at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the completion of the transaction, the director now directly owns 15,498 shares in the company, valued at $1,091,834.10. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares of the company’s stock, valued at $7,915,276.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 373,191 shares of company stock valued at $26,598,305. Corporate insiders own 0.23% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors increased its position in AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after purchasing an additional 2,130,919 shares during the period. Vanguard Group Inc. increased its position in AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the period. BlackRock Inc. increased its position in AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after purchasing an additional 1,864,418 shares during the period. State Street Corp increased its position in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after purchasing an additional 1,696,042 shares during the period. Finally, Orbis Allan Gray Ltd increased its position in AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the period. Hedge funds and other institutional investors own 68.25% of the company’s stock.
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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