AbbVie Inc (NYSE:ABBV) – Analysts at SunTrust Banks lowered their FY2022 earnings estimates for AbbVie in a research note issued on Wednesday, October 17th. SunTrust Banks analyst J. Boris now forecasts that the company will post earnings of $12.05 per share for the year, down from their previous forecast of $12.18.
A number of other research firms also recently weighed in on ABBV. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research report on Monday, October 1st. Bank of America upped their target price on AbbVie from $105.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, August 22nd. Cowen set a $110.00 target price on AbbVie and gave the stock a “buy” rating in a research report on Friday, July 27th. Jefferies Financial Group set a $100.00 target price on AbbVie and gave the stock a “buy” rating in a research report on Sunday, July 15th. Finally, Credit Suisse Group upgraded AbbVie to a “hold” rating and set a $89.00 target price for the company in a research report on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $106.98.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The business had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same period in the prior year, the company posted $1.42 EPS. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be given a dividend of $0.96 per share. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.27%. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the completion of the sale, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.07% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Verition Fund Management LLC lifted its holdings in shares of AbbVie by 7.4% in the first quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock valued at $688,000 after purchasing an additional 500 shares in the last quarter. Baxter Bros Inc. increased its stake in shares of AbbVie by 19.6% in the first quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock worth $289,000 after acquiring an additional 500 shares during the last quarter. Hanson & Doremus Investment Management increased its stake in shares of AbbVie by 7.4% in the first quarter. Hanson & Doremus Investment Management now owns 7,290 shares of the company’s stock worth $690,000 after acquiring an additional 501 shares during the last quarter. HMS Capital Management LLC increased its stake in shares of AbbVie by 3.7% in the first quarter. HMS Capital Management LLC now owns 14,220 shares of the company’s stock worth $1,346,000 after acquiring an additional 506 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its stake in shares of AbbVie by 1.9% in the first quarter. AdvisorNet Financial Inc now owns 26,613 shares of the company’s stock worth $2,519,000 after acquiring an additional 508 shares during the last quarter. Institutional investors own 69.44% of the company’s stock.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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