AbbVie (NYSE:ABBV) has been assigned a $95.00 price target by analysts at BMO Capital Markets in a report released on Tuesday. The firm currently has a “sell” rating on the stock. BMO Capital Markets’ target price would indicate a potential downside of 20.44% from the stock’s current price.
ABBV has been the subject of a number of other reports. Argus increased their price target on AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a report on Thursday, January 18th. Piper Jaffray Companies increased their price target on AbbVie from $130.00 to $138.00 and gave the stock an “overweight” rating in a report on Thursday, February 15th. Evercore ISI reiterated a “buy” rating and set a $144.00 price target on shares of AbbVie in a report on Monday, January 29th. Finally, Credit Suisse Group set a $98.00 price target on AbbVie and gave the stock a “hold” rating in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $120.96.
Shares of AbbVie (NYSE ABBV) traded up $1.11 during trading on Tuesday, reaching $119.41. The company’s stock had a trading volume of 284,745 shares, compared to its average volume of 6,636,625. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28. AbbVie has a 52-week low of $63.12 and a 52-week high of $125.86. The firm has a market cap of $186,300.00, a P/E ratio of 21.55, a P/E/G ratio of 1.13 and a beta of 1.52.
AbbVie declared that its board has initiated a share buyback program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP Robert A. Michael sold 992 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William J. Chase sold 70,928 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the transaction, the chief financial officer now directly owns 203,391 shares in the company, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. Insiders have sold a total of 443,747 shares of company stock worth $47,226,935 in the last three months. Insiders own 0.23% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. ADAMCAPITAL Gestao de Recursos Ltda. bought a new position in AbbVie in the 4th quarter valued at about $29,705,000. Green Square Capital LLC lifted its position in AbbVie by 10.0% in the 4th quarter. Green Square Capital LLC now owns 111,177 shares of the company’s stock valued at $10,752,000 after acquiring an additional 10,101 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in AbbVie by 10.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 202,105 shares of the company’s stock valued at $19,546,000 after acquiring an additional 19,119 shares in the last quarter. Certified Advisory Corp bought a new position in AbbVie in the 4th quarter valued at about $442,000. Finally, Wagner Wealth Management LLC bought a new position in AbbVie in the 4th quarter valued at about $154,000. 70.63% of the stock is currently owned by institutional investors.
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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