AbbVie Inc. (NYSE:ABBV)‘s stock had its “neutral” rating reaffirmed by analysts at Credit Suisse Group in a note issued to investors on Thursday, July 20th, The Fly reports. They presently have a $74.00 price objective on the stock, up from their prior price objective of $65.00. Credit Suisse Group’s target price would suggest a potential upside of 5.20% from the stock’s previous close.
Other analysts have also recently issued reports about the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $66.00 target price on shares of AbbVie in a research note on Wednesday, May 17th. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $72.72 target price for the company. in a research note on Wednesday, June 14th. Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Zacks Investment Research raised shares of AbbVie from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $94.00 price target (up previously from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. AbbVie presently has an average rating of “Buy” and a consensus target price of $74.66.
Shares of AbbVie (NYSE ABBV) opened at 70.34 on Thursday. The stock has a 50 day moving average of $71.93 and a 200 day moving average of $66.99. The firm has a market cap of $112.13 billion, a price-to-earnings ratio of 17.30 and a beta of 1.50. AbbVie has a 52-week low of $55.06 and a 52-week high of $75.04.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.26 earnings per share. Equities analysts predict that AbbVie will post $5.52 EPS for the current fiscal year.
In other news, EVP Carlos Alban sold 45,800 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 value of $3,206,000.00. Following the sale, the executive vice president now owns 160,545 shares in the company, valued at approximately $11,238,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William J. Chase sold 38,300 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the completion of the sale, the chief financial officer now owns 209,043 shares in the company, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. Insiders sold a total of 600,026 shares of company stock worth $41,852,724 in the last three months. Insiders own 0.23% of the company’s stock.
Several large investors have recently modified their holdings of ABBV. Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $823,984,000. Glenview Capital Management LLC bought a new position in shares of AbbVie during the fourth quarter valued at about $570,905,000. Vanguard Group Inc. increased its position in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after buying an additional 3,706,941 shares during the period. Janus Henderson Group PLC increased its position in shares of AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after buying an additional 3,646,510 shares during the period. Finally, Orbis Allan Gray Ltd increased its position in shares of AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after buying an additional 3,340,038 shares during the period. Institutional investors own 67.69% 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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