AbbVie Inc. (ABBV) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of AbbVie Inc. (NYSE:ABBV) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $102.00 price objective on the stock.

According to Zacks, “AbbVie’s key drug Humira has been performing well and should continue to do well. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. Meanwhile, AbbVie has promising pipeline with several pivotal data readouts and regulatory milestones due in the second half. Maviret, approved recently, has the potential to rejuvenate AbbVie’s struggling HCV franchise. AbbVie’s shares have outperformed the industry this year so far. However, though Humira is doing well, the company is concerned about the product’s long-term growth prospects, given the potential biosimilar competition. Viekira also faces intense pricing and competitive pressure in the HCV market. Estimates have gone up slightly ahead of the company’s Q3 earnings release. AbbVie has had a mixed record of earnings surprises in the recent quarters.”

Other research analysts have also recently issued reports about the stock. Societe Generale raised shares of AbbVie from a hold rating to a buy rating in a research report on Thursday, June 22nd. Leerink Swann reaffirmed a market perform rating on shares of AbbVie in a research report on Thursday, June 22nd. Vetr raised shares of AbbVie from a hold rating to a buy rating and set a $74.86 price target on the stock in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a buy rating and set a $94.00 price target (up from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Finally, Deutsche Bank AG reaffirmed a hold rating and set a $66.00 price target (up from $65.00) on shares of AbbVie in a research report on Monday, July 17th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $92.79.

Shares of AbbVie (NYSE ABBV) opened at 96.48 on Tuesday. AbbVie has a 1-year low of $55.06 and a 1-year high of $96.62. The stock has a 50 day moving average of $87.46 and a 200-day moving average of $73.67. The stock has a market capitalization of $153.80 billion, a P/E ratio of 23.73 and a beta of 1.51.

AbbVie (NYSE:ABBV) last released its earnings results 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. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the company earned $1.26 earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. Equities research analysts predict that AbbVie will post $5.53 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “AbbVie Inc. (ABBV) Lifted to “Buy” at Zacks Investment Research” was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another domain, it was illegally copied and republished in violation of international trademark and copyright legislation. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/20/abbvie-inc-abbv-lifted-to-buy-at-zacks-investment-research.html.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.64 dividend. The ex-dividend date is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.65%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.

In related news, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction on Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares in the company, valued at $7,915,276.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the completion of the sale, the vice president now owns 10,007 shares of the company’s stock, valued at approximately $880,616. The disclosure for this sale can be found here. In the last 90 days, insiders sold 379,890 shares of company stock valued at $27,187,817. Insiders own 0.23% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Capital Research Global Investors increased its stake in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after buying an additional 2,130,919 shares during the last quarter. Vanguard Group Inc. increased its stake 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 worth $8,405,409,000 after buying an additional 3,706,941 shares during the last quarter. BlackRock Inc. increased its stake in shares of AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after buying an additional 1,864,418 shares during the last quarter. State Street Corp increased its stake in shares of AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after buying an additional 1,696,042 shares during the last quarter. Finally, Orbis Allan Gray Ltd increased its stake 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 worth $921,233,000 after buying an additional 3,340,038 shares during the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.

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 thyro

According to Zacks, “AbbVie’s key drug Humira has been performing well and should continue to do well. Moreover, Imbruvica has multibillion dollar potential and AbbVie is exploring the possibility of label expansion into solid tumors and autoimmune diseases. Meanwhile, AbbVie has promising pipeline with several pivotal data readouts and regulatory milestones due in the second half. Maviret, approved recently, has the potential to rejuvenate AbbVie’s struggling HCV franchise. AbbVie’s shares have outperformed the industry this year so far. However, though Humira is doing well, the company is concerned about the product’s long-term growth prospects, given the potential biosimilar competition. Viekira also faces intense pricing and competitive pressure in the HCV market. Estimates have gone up slightly ahead of the company’s Q3 earnings release. AbbVie has had a mixed record of earnings surprises in the recent quarters.”

Other research analysts have also recently issued reports about the stock. Societe Generale raised shares of AbbVie from a hold rating to a buy rating in a research report on Thursday, June 22nd. Leerink Swann reaffirmed a market perform rating on shares of AbbVie in a research report on Thursday, June 22nd. Vetr raised shares of AbbVie from a hold rating to a buy rating and set a $74.86 price target on the stock in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a buy rating and set a $94.00 price target (up from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Finally, Deutsche Bank AG reaffirmed a hold rating and set a $66.00 price target (up from $65.00) on shares of AbbVie in a research report on Monday, July 17th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $92.79.

Shares of AbbVie (NYSE ABBV) opened at 96.48 on Tuesday. AbbVie has a 1-year low of $55.06 and a 1-year high of $96.62. The stock has a 50 day moving average of $87.46 and a 200-day moving average of $73.67. The stock has a market capitalization of $153.80 billion, a P/E ratio of 23.73 and a beta of 1.51.

AbbVie (NYSE:ABBV) last released its earnings results 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. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the company earned $1.26 earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. Equities research analysts predict that AbbVie will post $5.53 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “AbbVie Inc. (ABBV) Lifted to “Buy” at Zacks Investment Research” was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another domain, it was illegally copied and republished in violation of international trademark and copyright legislation. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/20/abbvie-inc-abbv-lifted-to-buy-at-zacks-investment-research.html.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $0.64 dividend. The ex-dividend date is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.65%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.

In related news, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction on Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares in the company, valued at $7,915,276.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the completion of the sale, the vice president now owns 10,007 shares of the company’s stock, valued at approximately $880,616. The disclosure for this sale can be found here. In the last 90 days, insiders sold 379,890 shares of company stock valued at $27,187,817. Insiders own 0.23% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Capital Research Global Investors increased its stake in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after buying an additional 2,130,919 shares during the last quarter. Vanguard Group Inc. increased its stake 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 worth $8,405,409,000 after buying an additional 3,706,941 shares during the last quarter. BlackRock Inc. increased its stake in shares of AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after buying an additional 1,864,418 shares during the last quarter. State Street Corp increased its stake in shares of AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after buying an additional 1,696,042 shares during the last quarter. Finally, Orbis Allan Gray Ltd increased its stake 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 worth $921,233,000 after buying an additional 3,340,038 shares during the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.

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.

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