Wolfe Research Begins Coverage on AbbVie (ABBV)

Wolfe Research initiated coverage on shares of AbbVie (NYSE:ABBV) in a research report report published on Tuesday, The Fly reports. The firm issued an underperform rating on the stock.

Other analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of AbbVie from a hold rating to a buy rating and set a $105.00 price target on the stock in a report on Monday, October 1st. Credit Suisse Group set a $85.00 price target on shares of AbbVie and gave the company a sell rating in a report on Saturday, October 20th. Bank of America lowered their price target on shares of AbbVie from $112.00 to $105.00 and set a buy rating on the stock in a report on Monday, July 30th. SunTrust Banks lowered their price target on shares of AbbVie from $157.00 to $135.00 and set a buy rating on the stock in a report on Monday, October 22nd. Finally, BMO Capital Markets restated a sell rating and issued a $78.00 price target on shares of AbbVie in a report on Wednesday, August 22nd. Six research analysts have rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $105.68.

Shares of AbbVie stock opened at $80.79 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of 8.70. AbbVie has a 1 year low of $79.26 and a 1 year high of $125.86. The stock has a market cap of $123.76 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 0.81 and a beta of 1.54.



AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.02. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The company had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same period in the prior year, the business earned $1.42 EPS. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities research analysts forecast that AbbVie will post 7.86 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.75%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s payout ratio is currently 68.57%.

In related news, EVP Michael Severino sold 50,000 shares of the stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now directly owns 111,481 shares of the company’s stock, valued at approximately $10,871,627.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.07% of the company’s stock.

Several institutional investors have recently made changes to their positions in ABBV. Signature Estate & Investment Advisors LLC purchased a new position in AbbVie during the 3rd quarter worth approximately $112,000. Mainstay Capital Management LLC ADV raised its position in AbbVie by 6,123.5% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after buying an additional 12,247 shares during the last quarter. Fairfield Bush & CO. purchased a new position in AbbVie during the 1st quarter worth approximately $146,000. First Mercantile Trust Co. purchased a new position in AbbVie during the 2nd quarter worth approximately $150,000. Finally, MUFG Securities EMEA plc purchased a new position in AbbVie during the 2nd quarter worth approximately $157,000. 69.44% of the stock is owned by hedge funds and other institutional investors.

AbbVie Company Profile

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

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