AbbVie Inc. (NYSE:ABBV)‘s stock had its “hold” rating reiterated by research analysts at Cowen and Company in a research note issued on Monday. They presently have a $95.00 target price on the stock, up from their prior target price of $70.00. Cowen and Company’s target price would suggest a potential upside of 8.26% from the company’s previous close.
A number of other equities analysts also recently commented on ABBV. Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $71.84 target price on the stock. in a research note on Monday, May 15th. BMO Capital Markets reaffirmed a “market perform” rating and set a $66.00 price target on shares of AbbVie in a research note on Wednesday, May 17th. Jefferies Group LLC reaffirmed a “buy” rating on shares of AbbVie in a research note on Friday, May 26th. Credit Suisse Group reaffirmed a “hold” rating and set a $65.00 price target on shares of AbbVie in a research note on Wednesday, June 7th. Finally, BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $79.25.
Shares of AbbVie (NYSE ABBV) opened at 87.75 on Monday. The stock’s 50 day moving average price is $73.09 and its 200-day moving average price is $68.79. AbbVie has a 52-week low of $55.06 and a 52-week high of $87.97. The stock has a market cap of $139.88 billion, a price-to-earnings ratio of 21.58 and a beta of 1.48.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating the Zacks’ 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 business had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts predict that AbbVie will post $5.52 earnings per share for the current fiscal year.
In other news, SVP Azita Saleki-Gerhardt sold 8,300 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares of the company’s stock, valued at approximately $7,915,276.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward J. Rapp bought 4,000 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was bought at an average cost of $70.45 per share, with a total value of $281,800.00. Following the transaction, the director now directly owns 15,498 shares in the company, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. Insiders sold a total of 373,191 shares of company stock valued at $26,598,305 in the last three months. Insiders own 0.23% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clean Yield Group increased its position in shares of AbbVie by 25.0% in the 1st quarter. Clean Yield Group now owns 9,598 shares of the company’s stock worth $625,000 after purchasing an additional 1,920 shares during the last quarter. Suntrust Banks Inc. increased its position in shares of AbbVie by 3.7% in the 1st quarter. Suntrust Banks Inc. now owns 1,216,484 shares of the company’s stock worth $79,265,000 after purchasing an additional 43,617 shares during the last quarter. Investec Asset Management LTD increased its position in shares of AbbVie by 3.6% in the 1st quarter. Investec Asset Management LTD now owns 166,978 shares of the company’s stock worth $10,880,000 after purchasing an additional 5,801 shares during the last quarter. Wright Investors Service Inc. increased its position in shares of AbbVie by 22.9% in the 2nd quarter. Wright Investors Service Inc. now owns 51,555 shares of the company’s stock worth $3,738,000 after purchasing an additional 9,610 shares during the last quarter. Finally, Iowa State Bank increased its position in shares of AbbVie by 3.6% in the 1st quarter. Iowa State Bank now owns 71,888 shares of the company’s stock worth $4,684,000 after purchasing an additional 2,496 shares during the last quarter. 68.29% of the stock is owned by institutional investors.
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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