Zacks Investment Research Upgrades AbbVie Inc. (ABBV) to Buy
AbbVie Inc. (NYSE:ABBV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $102.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 6.21% from the stock’s current price.
According to Zacks, “AbbVie’s key drug Humira has been performing well and should continue to do well. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. Meanwhile, AbbVie has promising pipeline with several pivotal data readouts and regulatory milestones due in the second half. Maviret, approved recently, has the potential to rejuvenate AbbVie’s struggling HCV franchise. AbbVie’s shares have outperformed the industry this year so far. However, though Humira is doing well, the company is concerned about the product’s long-term growth prospects, given the potential biosimilar competition. Viekira also faces intense pricing and competitive pressure in the HCV market. Estimates have gone up slightly ahead of the company’s Q3 earnings release. AbbVie has had a mixed record of earnings surprises in the recent quarters.”
A number of other analysts have also recently commented on ABBV. Jefferies Group LLC restated a “buy” rating and set a $94.00 price target (up from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $74.86 price target on the stock in a research note on Thursday, July 6th. Societe Generale upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. BidaskClub cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $85.00 price target on shares of AbbVie in a research note on Thursday, August 3rd. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $92.79.
Shares of AbbVie (ABBV) opened at 96.04 on Tuesday. The firm’s 50-day moving average is $86.82 and its 200 day moving average is $73.51. AbbVie has a 12 month low of $55.06 and a 12 month high of $96.44. The firm has a market capitalization of $153.10 billion, a P/E ratio of 23.62 and a beta of 1.51.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the firm earned $1.26 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts anticipate that AbbVie will post $5.53 EPS for the current year.
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In other news, insider Henry O. Gosebruch sold 18,000 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $70.09, for a total value of $1,261,620.00. Following the transaction, the insider now owns 96,074 shares of the company’s stock, valued at approximately $6,733,826.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert A. Michael sold 6,699 shares of the stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the completion of the transaction, the vice president now directly owns 10,007 shares in the company, valued at approximately $880,616. The disclosure for this sale can be found here. Insiders sold a total of 379,890 shares of company stock worth $27,187,817 in the last three months. Insiders own 0.23% of the company’s stock.
Large investors have recently modified their holdings of the company. Acropolis Investment Management LLC bought a new position in shares of AbbVie in the 2nd quarter worth $106,000. Ffcm LLC increased its holdings in shares of AbbVie by 167.2% in the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after buying an additional 963 shares during the last quarter. Hudock Capital Group LLC increased its holdings in shares of AbbVie by 109.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after buying an additional 806 shares during the last quarter. BDO Wealth Advisors LLC bought a new position in shares of AbbVie in the 2nd quarter worth $115,000. Finally, Franklin Parlapiano Turner & Welch LLC bought a new position in shares of AbbVie in the 1st quarter worth $108,000. 68.25% of the stock is currently owned by hedge funds and other institutional investors.
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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