Stock Traders Buy High Volume of Put Options on AbbVie (ABBV)

AbbVie Inc. (NYSE:ABBV) saw unusually large options trading activity on Monday. Stock investors bought 278 put options on the company. This represents an increase of approximately 121% compared to the average volume of 126 put options.

Several equities research analysts have weighed in on ABBV shares. Evercore ISI started coverage on shares of AbbVie in a research note on Wednesday, August 16th. They issued an “outperform” rating and a $95.00 price target for the company. BidaskClub downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $85.00 price target on shares of AbbVie in a research note on Thursday, August 3rd. Cowen and Company set a $70.00 price target on shares of AbbVie and gave the company a “hold” rating in a research note on Sunday, July 30th. Finally, Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a research note on Wednesday, July 26th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $76.02.

Shares of AbbVie (NYSE ABBV) opened at 71.52 on Thursday. AbbVie has a 52 week low of $55.06 and a 52 week high of $75.04. The company’s 50 day moving average is $71.64 and its 200-day moving average is $67.37. The stock has a market capitalization of $114.01 billion, a PE ratio of 17.59 and a beta of 1.50.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the company earned $1.26 EPS. AbbVie’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts predict that AbbVie will post $5.52 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were issued a $0.64 dividend. The ex-dividend date was Wednesday, July 12th. This represents a $2.56 annualized dividend and a yield of 3.58%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.

In related news, Chairman Richard A. Gonzalez sold 193,131 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.00, for a total value of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares in the company, valued at $33,343,233. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Laura J. Schumacher sold 79,800 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the completion of the transaction, the insider now owns 187,625 shares in the company, valued at approximately $13,133,750. The disclosure for this sale can be found here. In the last quarter, insiders have sold 490,491 shares of company stock worth $34,684,639. 0.23% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the company. Beacon Financial Group increased its position in shares of AbbVie by 43.4% in the first quarter. Beacon Financial Group now owns 12,603 shares of the company’s stock valued at $825,000 after buying an additional 3,816 shares during the period. Toth Financial Advisory Corp increased its position in shares of AbbVie by 2.6% in the first quarter. Toth Financial Advisory Corp now owns 61,012 shares of the company’s stock valued at $3,976,000 after buying an additional 1,536 shares during the period. Lau Associates LLC increased its position in shares of AbbVie by 125.5% in the first quarter. Lau Associates LLC now owns 13,243 shares of the company’s stock valued at $863,000 after buying an additional 7,370 shares during the period. Park National Corp OH increased its position in shares of AbbVie by 4.8% in the first quarter. Park National Corp OH now owns 285,415 shares of the company’s stock valued at $18,597,000 after buying an additional 13,007 shares during the period. Finally, Bath Savings Trust Co increased its position in shares of AbbVie by 2.2% in the first quarter. Bath Savings Trust Co now owns 8,152 shares of the company’s stock valued at $532,000 after buying an additional 175 shares during the period. Institutional investors own 67.69% of the company’s stock.

WARNING: “Stock Traders Buy High Volume of Put Options on AbbVie (ABBV)” was first reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this article on another website, it was copied illegally and reposted in violation of international copyright legislation. The original version of this article can be read at https://sportsperspectives.com/2017/08/24/stock-traders-buy-high-volume-of-put-options-on-abbvie-abbv.html.

About AbbVie

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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