AbbVie Inc. (NYSE:ABBV) – Piper Jaffray increased their Q1 2018 earnings per share estimates for shares of AbbVie in a report issued on Friday, April 13th. Piper Jaffray analyst C. Raymond now forecasts that the company will post earnings of $1.81 per share for the quarter, up from their previous forecast of $1.80. Piper Jaffray has a “Overweight” rating and a $138.00 price target on the stock. Piper Jaffray also issued estimates for AbbVie’s Q3 2018 earnings at $1.95 EPS, Q4 2018 earnings at $1.95 EPS, FY2018 earnings at $7.59 EPS, Q1 2019 earnings at $2.06 EPS, FY2019 earnings at $8.84 EPS, FY2020 earnings at $10.38 EPS, FY2021 earnings at $11.13 EPS and FY2022 earnings at $11.77 EPS.
Several other research analysts have also weighed in on the company. Jefferies Group set a $122.00 target price on AbbVie and gave the stock a “buy” rating in a research report on Friday. Credit Suisse Group set a $109.00 target price on AbbVie and gave the stock a “hold” rating in a research report on Tuesday, April 10th. Barclays cut their target price on AbbVie from $120.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 5th. BMO Capital Markets reaffirmed a “sell” rating and issued a $80.00 target price on shares of AbbVie in a research report on Thursday, April 5th. Finally, ValuEngine lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. AbbVie has a consensus rating of “Buy” and an average price target of $117.85.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.04. The business had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The business’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the company posted $1.20 EPS.
Several institutional investors have recently made changes to their positions in ABBV. Jennison Associates LLC acquired a new stake in shares of AbbVie during the third quarter valued at about $544,418,000. Capital International Investors grew its stake in AbbVie by 137.7% in the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after purchasing an additional 4,550,954 shares in the last quarter. Vanguard Group Inc. grew its stake 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 in the last quarter. Janus Henderson Group PLC grew its stake in AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after purchasing an additional 3,646,510 shares in the last quarter. Finally, Orbis Allan Gray Ltd grew its stake 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 in the last quarter. Institutional investors own 70.57% of the company’s stock.
In other news, VP Robert A. Michael sold 992 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total transaction of $119,347.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert A. Michael sold 4,294 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total value of $512,832.42. Following the sale, the vice president now owns 11,170 shares of the company’s stock, valued at $1,334,033.10. The disclosure for this sale can be found here. Insiders have sold 211,197 shares of company stock valued at $24,585,575 over the last 90 days. Insiders own 0.07% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be issued a $0.96 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 4.18%. The ex-dividend date is Thursday, April 12th. AbbVie’s dividend payout ratio is currently 68.57%.
AbbVie declared that its board has approved a share buyback program on Thursday, February 15th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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