Zacks Investment Research downgraded shares of AbbVie (NYSE:ABBV) from a buy rating to a hold rating in a research note published on Monday morning.
According to Zacks, “AbbVie’s key drug Humira has been performing well 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. AbbVie’s shares outperformed the industry in the past one year supported by a series of positive news including promising data from several pivotal studies, 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 settlement of its Humira patent disputes with Amgen. Also, several pivotal data readouts and regulatory milestones are expected in 2018. However, HCV sales continue to be hurt by intensifying competition. Estimates have gone up slightly ahead of the Q4 earnings release. AbbVie has a positive record of earnings surprises in the recent quarters.”
Several other equities analysts have also weighed in on the company. Jefferies Group lifted their price objective on AbbVie from $107.00 to $115.00 and gave the company a buy rating in a research note on Monday, October 16th. BMO Capital Markets set a $66.00 target price on AbbVie and gave the company a hold rating in a report on Friday, October 27th. BidaskClub upgraded AbbVie from a buy rating to a strong-buy rating in a report on Saturday, November 11th. Piper Jaffray Companies raised their target price on AbbVie to $115.00 and gave the company an overweight rating in a report on Friday, October 27th. Finally, SunTrust Banks reiterated a buy rating on shares of AbbVie in a report on Monday, October 30th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $101.63.
AbbVie (NYSE ABBV) traded down $0.61 during midday trading on Monday, hitting $105.88. The stock had a trading volume of 2,519,126 shares, compared to its average volume of 5,008,257. The firm has a market cap of $168,730.00, a price-to-earnings ratio of 25.70, a P/E/G ratio of 1.22 and a beta of 1.53. AbbVie has a fifty-two week low of $59.27 and a fifty-two week high of $106.54. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.21 EPS. equities analysts expect that AbbVie will post 5.56 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, January 11th. This is an increase from AbbVie’s previous quarterly dividend of $0.64. This represents a $2.84 annualized dividend and a yield of 2.68%. AbbVie’s payout ratio is currently 68.93%.
In other AbbVie news, insider Henry O. Gosebruch sold 18,300 shares of AbbVie stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the sale, the insider now directly owns 81,287 shares in the company, valued at approximately $7,360,537.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 218,193 shares of AbbVie stock in a transaction that occurred 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 sale, the chairman now owns 492,030 shares in the company, valued at $46,255,740.30. The disclosure for this sale can be found here. Insiders have sold a total of 494,676 shares of company stock worth $47,237,938 over the last 90 days. 0.23% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Capital Investment Advisors LLC boosted its position in AbbVie by 3.5% during the 2nd quarter. Capital Investment Advisors LLC now owns 25,330 shares of the company’s stock valued at $1,837,000 after purchasing an additional 868 shares during the period. Johanson Financial Advisors Inc. acquired a new position in AbbVie during the 2nd quarter valued at approximately $224,000. Pure Financial Advisors Inc. boosted its position in AbbVie by 3.3% during the 2nd quarter. Pure Financial Advisors Inc. now owns 11,108 shares of the company’s stock valued at $805,000 after purchasing an additional 358 shares during the period. Appleton Partners Inc. MA boosted its position in AbbVie by 9.9% during the 2nd quarter. Appleton Partners Inc. MA now owns 69,330 shares of the company’s stock valued at $5,027,000 after purchasing an additional 6,265 shares during the period. Finally, Bank of Montreal Can boosted its position in AbbVie by 4.2% during the 2nd quarter. Bank of Montreal Can now owns 2,131,209 shares of the company’s stock valued at $154,534,000 after purchasing an additional 86,326 shares during the period. Institutional investors own 69.22% of the company’s stock.
AbbVie Company Profile
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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