Jefferies Group Analysts Raise Earnings Estimates for AbbVie Inc (ABBV)

AbbVie Inc (NYSE:ABBV) – Research analysts at Jefferies Group increased their FY2019 earnings per share (EPS) estimates for shares of AbbVie in a research note issued to investors on Tuesday. Jefferies Group analyst J. Holford now expects that the company will post earnings per share of $8.48 for the year, up from their prior forecast of $8.18. Jefferies Group has a “Buy” rating and a $120.00 price target on the stock. Jefferies Group also issued estimates for AbbVie’s FY2020 earnings at $9.61 EPS and FY2021 earnings at $10.74 EPS.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. AbbVie’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.21 EPS.

Other equities analysts have also issued reports about the company. Societe Generale upped their target price on AbbVie in a research report on Tuesday, November 21st. Argus upped their target price on AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, September 29th. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, October 17th. BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 25th. Finally, SunTrust Banks reaffirmed a “buy” rating on shares of AbbVie in a research report on Monday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and a consensus price target of $101.38.

AbbVie (ABBV) traded up $0.83 during trading on Thursday, reaching $104.64. The company had a trading volume of 4,985,982 shares, compared to its average volume of 4,550,000. The firm has a market cap of $166,810.00, a price-to-earnings ratio of 25.40, a PEG ratio of 1.21 and a beta of 1.53. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. AbbVie has a 12-month low of $59.27 and a 12-month high of $104.87.

Institutional investors and hedge funds have recently modified their holdings of the stock. Bristlecone Advisors LLC bought a new position in AbbVie during the 3rd quarter worth $113,000. Acropolis Investment Management LLC bought a new position in AbbVie during the 2nd quarter worth $106,000. Ffcm LLC grew its stake in AbbVie by 167.2% during the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after buying an additional 963 shares during the last quarter. Hudock Capital Group LLC grew its stake in AbbVie by 109.5% during the 2nd quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after buying an additional 806 shares during the last quarter. Finally, Hershey Trust Co. bought a new position in shares of AbbVie in the third quarter worth $139,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

In related news, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the sale, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at approximately $11,136,467.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Henry O. Gosebruch sold 18,300 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $90.55, for a total value of $1,657,065.00. Following the sale, the insider now directly owns 81,287 shares in the company, valued at $7,360,537.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 494,676 shares of company stock worth $47,237,938. Corporate insiders own 0.23% of the company’s stock.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be given a dividend of $0.71 per share. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. This represents a $2.84 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Thursday, January 11th. AbbVie’s dividend payout ratio is currently 68.93%.

COPYRIGHT VIOLATION NOTICE: This story was originally reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this story on another publication, it was stolen and republished in violation of United States & international trademark & copyright laws. The correct version of this story can be accessed at https://stocknewstimes.com/2018/01/20/jefferies-group-analysts-raise-earnings-estimates-for-abbvie-inc-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.

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply