AbbVie (NYSE:ABBV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $115.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.01% from the company’s previous close.
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 remained stable ahead of the Q4 earnings release. AbbVie has a positive record of earnings surprises in the recent quarters.”
Several other research analysts have also commented on ABBV. UBS Group lowered shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $79.00 to $92.00 in a research note on Monday, September 25th. Jefferies Group reissued a “buy” rating and set a $107.00 target price on shares of AbbVie in a research note on Thursday, September 28th. Deutsche Bank boosted their target price on shares of AbbVie to $88.00 and gave the company a “hold” rating in a research note on Thursday, September 28th. Morgan Stanley boosted their target price on shares of AbbVie from $70.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, September 29th. Finally, Argus boosted their target price on shares of AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 29th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $101.38.
AbbVie (NYSE:ABBV) opened at $104.54 on Thursday. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. The company has a market cap of $165,960.00, a price-to-earnings ratio of 25.37, a price-to-earnings-growth ratio of 1.23 and a beta of 1.53. AbbVie has a one year low of $59.27 and a one year high of $104.84.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 27th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. AbbVie’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 earnings per share. equities analysts anticipate that AbbVie will post 5.54 EPS for the current fiscal year.
In related news, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the sale, 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 can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the sale, 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 ninety days, insiders sold 494,676 shares of company stock valued at $47,237,938. 0.23% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Savant Capital LLC raised its holdings in AbbVie by 1.3% in the second quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock worth $4,433,000 after purchasing an additional 793 shares in the last quarter. Princeton Capital Management Inc. bought a new position in AbbVie in the second quarter worth about $1,394,000. Palisade Asset Management LLC raised its holdings in AbbVie by 17.9% in the second quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock worth $4,953,000 after purchasing an additional 10,381 shares in the last quarter. Beaton Management Co. Inc. bought a new position in AbbVie in the second quarter worth about $528,000. Finally, Greatmark Investment Partners Inc. raised its holdings in AbbVie by 3.7% in the second quarter. Greatmark Investment Partners Inc. now owns 35,178 shares of the company’s stock worth $2,551,000 after purchasing an additional 1,242 shares in the last quarter. 69.19% of the stock is owned by institutional investors.
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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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