Zacks Investment Research lowered shares of AbbVie (NYSE:ABBV) from a buy rating to a hold rating in a report published on Tuesday morning.
According to Zacks, “AbbVie’s key drug Humira has been performing well based on strong demand trends, 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 have outperformed the industry in the past year supported by a series of positive news including promising data from several pivotal studies, regulatory approvals, including its competitive HCV medicine Mavyret and two approvals for Imbruvica and settlement of its Humira patent disputes with Amgen. In fact. Mavyret has become a major growth driver for AbbVie in a short time on the market. Also, several pivotal data readouts and regulatory milestones are expected in 2018. However, Viekira’s sales continue to be hurt by intensifying competition.”
ABBV has been the topic of several other reports. Jefferies Group set a $145.00 price target on AbbVie and gave the stock a buy rating in a research report on Monday, February 26th. Vetr upgraded AbbVie from a buy rating to a strong-buy rating and set a $113.08 price objective on the stock in a research report on Wednesday, December 20th. Credit Suisse Group set a $98.00 price objective on AbbVie and gave the company a hold rating in a research report on Monday, January 22nd. BMO Capital Markets restated a hold rating and set a $84.00 price objective on shares of AbbVie in a research report on Tuesday, November 21st. Finally, Piper Jaffray Companies boosted their price objective on AbbVie from $115.00 to $130.00 and gave the company an outperform rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $116.47.
AbbVie (NYSE:ABBV) opened at $97.46 on Tuesday. 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 company has a market capitalization of $178,567.56, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 1.06 and a beta of 1.52. AbbVie has a 1 year low of $63.12 and a 1 year high of $125.86.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.04. The company had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 EPS. equities analysts anticipate that AbbVie will post 7.48 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be paid a $0.96 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 annualized dividend and a yield of 3.94%. AbbVie’s payout ratio is currently 86.32%.
AbbVie announced that its Board of Directors has approved a stock buyback plan on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were 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 directly owns 133,026 shares in the company, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,197 shares of company stock worth $24,585,575. 0.23% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. boosted its stake in AbbVie by 41.5% in the second quarter. Prudential Financial Inc. now owns 5,469,241 shares of the company’s stock worth $396,575,000 after purchasing an additional 1,603,748 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in AbbVie by 1.3% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 113,281 shares of the company’s stock worth $7,920,000 after purchasing an additional 1,474 shares in the last quarter. Canandaigua National Bank & Trust Co. boosted its stake in AbbVie by 1.7% in the second quarter. Canandaigua National Bank & Trust Co. now owns 34,942 shares of the company’s stock worth $2,534,000 after purchasing an additional 582 shares in the last quarter. American Asset Management Inc. boosted its stake in AbbVie by 0.9% in the second quarter. American Asset Management Inc. now owns 8,751 shares of the company’s stock worth $635,000 after purchasing an additional 82 shares in the last quarter. Finally, Boys Arnold & Co. Inc. boosted its stake in AbbVie by 0.9% in the second quarter. Boys Arnold & Co. Inc. now owns 33,754 shares of the company’s stock worth $2,448,000 after purchasing an additional 309 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.
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AbbVie Company Profile
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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