AbbVie Inc. (NYSE:ABBV) has been given a $70.00 target price by stock analysts at Cowen and Company in a research report issued to clients and investors on Sunday, July 30th. The brokerage presently has a “hold” rating on the stock. Cowen and Company’s price target points to a potential downside of 0.62% from the company’s previous close.
Several other analysts have also recently issued reports on ABBV. BMO Capital Markets reaffirmed a “hold” rating and set a $63.00 price objective on shares of AbbVie in a report on Tuesday, April 18th. Leerink Swann set a $71.00 price target on AbbVie and gave the company a “hold” rating in a report on Thursday, April 20th. Deutsche Bank AG increased their price target on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a report on Friday, April 28th. Vetr lowered AbbVie from a “strong-buy” rating to a “buy” rating and set a $74.98 price target on the stock. in a report on Thursday, May 4th. Finally, Jefferies Group LLC restated a “buy” rating on shares of AbbVie in a report on Friday, May 26th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $74.66.
AbbVie (NYSE ABBV) opened at 70.44 on Friday. AbbVie has a 12 month low of $55.06 and a 12 month high of $75.04. The firm’s 50-day moving average is $72.13 and its 200-day moving average is $66.69. The company has a market capitalization of $112.29 billion, a PE ratio of 17.32 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.26 EPS. Equities analysts anticipate that AbbVie will post $5.52 EPS for the current fiscal year.
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In other news, CFO William J. Chase sold 38,300 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $65.35, for a total value of $2,502,905.00. Following the completion of the transaction, the chief financial officer now directly owns 209,043 shares in the company, valued at $13,660,960.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 87,899 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $71.02, for a total value of $6,242,586.98. Following the completion of the transaction, the chairman now owns 342,353 shares of the company’s stock, valued at $24,313,910.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 600,026 shares of company stock valued at $41,852,724. 0.23% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after buying an additional 1,864,418 shares during the period. State Street Corp raised its stake in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after buying an additional 1,696,042 shares during the period. Norges Bank bought a new stake in AbbVie during the fourth quarter valued at approximately $823,984,000. Glenview Capital Management LLC bought a new stake in AbbVie during the fourth quarter valued at approximately $570,905,000. Finally, Legal & General Group Plc raised its stake in AbbVie by 1.7% in the second quarter. Legal & General Group Plc now owns 8,049,351 shares of the company’s stock valued at $583,658,000 after buying an additional 131,159 shares during the period. Hedge funds and other institutional investors own 67.89% of the company’s stock.
AbbVie Company Profile
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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