AbbVie (ABBV) Downgraded by ValuEngine to “Sell”

ValuEngine downgraded shares of AbbVie (NYSE:ABBV) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

Several other analysts also recently weighed in on the company. Zacks Investment Research downgraded AbbVie from a buy rating to a hold rating in a report on Saturday, July 14th. Bank of America decreased their price objective on AbbVie from $112.00 to $105.00 and set a buy rating for the company in a report on Monday, July 30th. BMO Capital Markets restated a sell rating and issued a $78.00 price objective on shares of AbbVie in a report on Wednesday, August 22nd. Cowen set a $110.00 price objective on AbbVie and gave the company a buy rating in a report on Friday, July 27th. Finally, Piper Jaffray Companies restated a hold rating and issued a $100.00 price objective on shares of AbbVie in a report on Friday, July 27th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. AbbVie has an average rating of Hold and a consensus price target of $106.98.

Shares of ABBV traded down $1.93 during trading hours on Friday, reaching $87.97. 7,059,591 shares of the company traded hands, compared to its average volume of 5,059,582. The firm has a market capitalization of $136.13 billion, a P/E ratio of 15.71, a P/E/G ratio of 0.89 and a beta of 1.54. AbbVie has a 12-month low of $85.24 and a 12-month high of $125.86. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.02. The firm had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The business’s revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.42 earnings per share. Analysts predict that AbbVie will post 7.86 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a yield of 4.37%. AbbVie’s dividend payout ratio is presently 68.57%.

In other AbbVie news, EVP Michael Severino sold 50,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now directly owns 111,481 shares in the company, valued at $10,871,627.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.07% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of ABBV. Morgan Stanley boosted its position in AbbVie by 3.2% in the second quarter. Morgan Stanley now owns 11,134,470 shares of the company’s stock valued at $1,031,608,000 after buying an additional 348,882 shares during the last quarter. Janus Henderson Group PLC boosted its position in AbbVie by 15.9% in the second quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after buying an additional 717,452 shares during the last quarter. Bank of Montreal Can boosted its position in AbbVie by 9.2% in the third quarter. Bank of Montreal Can now owns 5,210,247 shares of the company’s stock valued at $492,786,000 after buying an additional 438,201 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in AbbVie by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,824,617 shares of the company’s stock valued at $447,001,000 after buying an additional 157,594 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in AbbVie by 8.5% in the first quarter. Franklin Resources Inc. now owns 4,359,665 shares of the company’s stock valued at $412,643,000 after buying an additional 340,709 shares during the last quarter. Hedge funds and other institutional investors own 69.44% of the company’s stock.

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 for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

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Analyst Recommendations for AbbVie (NYSE:ABBV)

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