Zacks Investment Research upgraded shares of AbbVie (NYSE:ABBV) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $108.00 target price on the stock.
According to Zacks, “AbbVie’s key drug Humira has been performing well. At the Q3 earnings call, AbbVie raised its long-term target for Humira sales based on strong demand trends for the drug, despite new competition. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. Meanwhile, the past 2-3 months have been strong for the company as it presented promising data from several pivotal studies, gained regulatory approvals in the U.S., Europe, and Japan for its competitive HCV medicine Mavyret and FDA approval for the sixth indication for Imbrivica and settled its Humira patent disputes with Amgen. Also, several pivotal data readouts and regulatory milestones are expected in 2018. AbbVie’s shares outperformed the industry in 2017. However, HCV sales continue to be hurt by intensifying competition.”
A number of other analysts also recently commented on ABBV. BidaskClub upgraded AbbVie from a buy rating to a strong-buy rating in a research report on Wednesday, September 6th. Jefferies Group reiterated a buy rating and set a $94.00 target price on shares of AbbVie in a research report on Friday, September 8th. Goldman Sachs Group reiterated a buy rating and set a $100.00 target price (up from $85.00) on shares of AbbVie in a research report on Friday, September 8th. Cowen reiterated a hold rating and set a $95.00 target price (up from $70.00) on shares of AbbVie in a research report on Monday, September 11th. Finally, Leerink Swann reiterated a market perform rating on shares of AbbVie in a research report on Tuesday, September 12th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $100.94.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. The company had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. AbbVie’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.21 earnings per share. equities analysts predict that AbbVie will post 5.55 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.81%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, January 11th. AbbVie’s payout ratio is 62.14%.
In other news, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the transaction, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at $11,136,467.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total value of $20,512,323.93. Following the completion of the transaction, the chairman now directly owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 494,676 shares of company stock valued at $47,237,938. Insiders own 0.23% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ABBV. Acropolis Investment Management LLC acquired a new position in AbbVie in the second quarter valued at $106,000. Hudock Capital Group LLC increased its stake in AbbVie by 109.5% in the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock valued at $111,000 after purchasing an additional 806 shares during the last quarter. Ffcm LLC increased its stake in AbbVie by 167.2% in the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after purchasing an additional 963 shares during the last quarter. Bristlecone Advisors LLC acquired a new position in AbbVie in the third quarter valued at $113,000. Finally, BDO Wealth Advisors LLC acquired a new position in AbbVie in the second quarter valued at $115,000. Hedge funds and other institutional investors own 69.18% of the company’s stock.
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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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