UBS Group upgraded shares of AbbVie (NYSE:ABBV) from a neutral rating to a buy rating in a research note released on Thursday morning, BenzingaRatingsTable reports. The firm currently has $79.00 target price on the stock, down from their prior target price of $85.00.
Other equities analysts have also recently issued reports about the company. Goldman Sachs Group assumed coverage on AbbVie in a report on Tuesday, May 28th. They set a neutral rating and a $84.00 price target on the stock. TheStreet cut AbbVie from a b- rating to a c rating in a report on Monday, August 26th. Wolfe Research upgraded AbbVie from an underperform rating to a peer perform rating in a report on Thursday, June 27th. Svb Leerink upgraded AbbVie from a market perform rating to an outperform rating and set a $88.00 price target on the stock in a report on Wednesday, June 26th. Finally, Leerink Swann upgraded AbbVie to a buy rating in a report on Tuesday, July 2nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. AbbVie presently has a consensus rating of Hold and a consensus price target of $91.20.
AbbVie stock opened at $70.51 on Thursday. The stock has a market capitalization of $104.72 billion, a price-to-earnings ratio of 8.91, a PEG ratio of 1.68 and a beta of 0.95. AbbVie has a 52-week low of $62.66 and a 52-week high of $96.60. The stock’s 50 day moving average price is $66.20 and its two-hundred day moving average price is $74.77.
The business also recently declared a — dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.07 dividend. This represents a yield of 6.4%. The ex-dividend date of this dividend is Friday, October 11th. AbbVie’s payout ratio is currently 54.11%.
In other AbbVie news, Director Roxanne S. Austin bought 11,500 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was purchased at an average cost of $67.50 per share, with a total value of $776,250.00. Following the transaction, the director now directly owns 52,114 shares in the company, valued at approximately $3,517,695. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP William J. Chase bought 30,400 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were acquired at an average cost of $67.30 per share, with a total value of $2,045,920.00. Following the completion of the transaction, the executive vice president now owns 169,552 shares in the company, valued at $11,410,849.60. The disclosure for this purchase can be found here. Insiders purchased a total of 159,977 shares of company stock valued at $10,626,621 over the last three months. 0.08% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in ABBV. Norges Bank purchased a new stake in shares of AbbVie during the 4th quarter valued at $1,300,469,000. Nuveen Asset Management LLC increased its position in shares of AbbVie by 1,715.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock valued at $697,664,000 after purchasing an additional 9,065,487 shares during the last quarter. FMR LLC increased its position in shares of AbbVie by 56.5% during the 1st quarter. FMR LLC now owns 13,200,141 shares of the company’s stock valued at $1,063,799,000 after purchasing an additional 4,765,946 shares during the last quarter. BlackRock Inc. increased its position in shares of AbbVie by 3.3% during the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after purchasing an additional 3,100,309 shares during the last quarter. Finally, Putnam Investments LLC increased its position in shares of AbbVie by 433.3% during the 2nd quarter. Putnam Investments LLC now owns 3,634,868 shares of the company’s stock valued at $264,327,000 after purchasing an additional 2,953,331 shares during the last quarter. 68.15% of the stock is owned by hedge funds and other institutional investors.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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