AbbVie Inc. (ABBV) Receives Average Recommendation of “Buy” from Brokerages

AbbVie Inc. (NYSE:ABBV) has been given a consensus rating of “Buy” by the twenty ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $118.43.

ABBV has been the topic of a number of research analyst reports. BMO Capital Markets cut their price objective on shares of AbbVie from $95.00 to $80.00 and set an “underperform” rating on the stock in a report on Friday, March 23rd. Jefferies Group set a $125.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a report on Friday, March 23rd. Credit Suisse Group cut their price objective on shares of AbbVie from $109.00 to $98.10 and set a “neutral” rating on the stock in a report on Friday, March 23rd. Bank of America set a $120.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, March 26th. Finally, Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a report on Thursday, January 18th.

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In related news, EVP Carlos Alban sold 83,574 shares of AbbVie stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total value of $9,568,387.26. Following the transaction, the executive vice president now directly owns 133,026 shares in the company, valued at approximately $15,230,146.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Robert A. Michael sold 4,294 shares of AbbVie stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total transaction of $512,832.42. Following the completion of the transaction, the vice president now owns 11,170 shares in the company, valued at $1,334,033.10. The disclosure for this sale can be found here. Insiders sold a total of 211,197 shares of company stock worth $24,585,575 over the last ninety days. Corporate insiders own 0.07% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Motco boosted its position in shares of AbbVie by 6.0% during the 2nd quarter. Motco now owns 39,406 shares of the company’s stock worth $2,857,000 after purchasing an additional 2,235 shares in the last quarter. BSW Wealth Partners purchased a new stake in shares of AbbVie during the 2nd quarter worth $205,000. Sullivan Bruyette Speros & Blaney LLC boosted its position in shares of AbbVie by 2.9% during the 2nd quarter. Sullivan Bruyette Speros & Blaney LLC now owns 15,051 shares of the company’s stock worth $1,091,000 after purchasing an additional 424 shares in the last quarter. Gratus Capital LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $5,490,000. Finally, Good Life Advisors LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $247,000. Hedge funds and other institutional investors own 70.54% of the company’s stock.

AbbVie stock traded down $2.98 during trading on Wednesday, reaching $91.67. The stock had a trading volume of 2,362,982 shares, compared to its average volume of 7,287,348. AbbVie has a 52-week low of $63.12 and a 52-week high of $125.86. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07. The company has a market capitalization of $150,301.66, a P/E ratio of 16.27, a P/E/G ratio of 0.88 and a beta of 1.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. research analysts anticipate that AbbVie will post 7.51 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.19%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. AbbVie’s payout ratio is presently 50.71%.

AbbVie declared that its Board of Directors has approved a share repurchase plan on Thursday, February 15th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

Analyst Recommendations for AbbVie (NYSE:ABBV)

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