AbbVie Inc. (NYSE:ABBV) – Equities researchers at William Blair reduced their Q1 2019 EPS estimates for shares of AbbVie in a research report issued on Thursday. William Blair analyst Y. Xu now expects that the company will post earnings of $2.04 per share for the quarter, down from their previous forecast of $2.06. William Blair also issued estimates for AbbVie’s Q2 2019 earnings at $2.04 EPS, Q3 2019 earnings at $2.07 EPS and Q4 2019 earnings at $2.20 EPS.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The business had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. AbbVie’s revenue for the quarter was up 13.9% compared to the same quarter last year.
A number of other research analysts also recently weighed in on the company. Credit Suisse Group lowered their price target on AbbVie from $109.00 to $98.10 and set a “neutral” rating on the stock in a report on Friday. BMO Capital Markets reiterated an “underperform” rating and set a $80.00 price target (down previously from $95.00) on shares of AbbVie in a report on Friday. Zacks Investment Research downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $128.42 price target on the stock in a report on Tuesday, March 6th. Finally, Jefferies Group set a $145.00 price target on AbbVie and gave the company a “buy” rating in a report on Monday, February 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $117.72.
Shares of AbbVie (NYSE ABBV) traded up $1.84 during mid-day trading on Friday, hitting $99.94. The stock had a trading volume of 7,612,042 shares, compared to its average volume of 7,043,111. AbbVie has a twelve month low of $63.12 and a twelve month high of $125.86. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07. The stock has a market capitalization of $178,567.56, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 1.06 and a beta of 1.52.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be given a $0.96 dividend. The ex-dividend date is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.84%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is currently 86.32%.
AbbVie announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other AbbVie news, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the completion of the sale, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $117.18, for a total value of $8,311,343.04. Following the completion of the sale, the chief financial officer now directly owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock valued at $24,585,575 in the last ninety days. Insiders own 0.23% of the company’s stock.
Several large investors have recently made changes to their positions in the business. Capital Research Global Investors grew its position in AbbVie by 1.2% during the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after acquiring an additional 2,130,919 shares during the last quarter. Vanguard Group Inc. lifted its position in AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after acquiring an additional 3,706,941 shares during the last quarter. BlackRock Inc. lifted its position in AbbVie by 2.8% during the fourth quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock worth $9,798,871,000 after acquiring an additional 2,714,857 shares during the last quarter. Geode Capital Management LLC lifted its position in AbbVie by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 16,042,851 shares of the company’s stock worth $1,548,096,000 after acquiring an additional 697,191 shares during the last quarter. Finally, Orbis Allan Gray Ltd lifted its position in AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after acquiring an additional 3,340,038 shares during the last quarter. 70.51% of the stock is owned by institutional investors.
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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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