AbbVie (NYSE:ABBV) had its price objective decreased by Credit Suisse Group from $109.00 to $98.10 in a research report sent to investors on Friday morning. Credit Suisse Group currently has a neutral rating on the stock.
ABBV has been the topic of a number of other reports. Argus raised their target price on shares of AbbVie from $120.00 to $145.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Zacks Investment Research lowered shares of AbbVie from a buy rating to a hold rating in a report on Tuesday. BMO Capital Markets lowered shares of AbbVie from a market perform rating to an underperform rating and cut their price objective for the company from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Piper Jaffray Companies lifted their price objective on shares of AbbVie from $130.00 to $138.00 and gave the company an overweight rating in a report on Thursday, February 15th. Finally, Evercore ISI reissued a buy rating and set a $144.00 price objective on shares of AbbVie in a report on Monday, January 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. AbbVie has a consensus rating of Buy and an average price target of $116.47.
Shares of AbbVie (NYSE ABBV) traded down $0.64 during trading hours on Friday, hitting $97.46. 14,252,728 shares of the stock were exchanged, compared to its average volume of 6,580,511. The stock has a market capitalization of $155,780.16, a price-to-earnings ratio of 29.62, a PEG ratio of 0.93 and a beta of 1.52. AbbVie has a fifty-two week low of $63.12 and a fifty-two week high of $125.86. The company has a current ratio of 1.28, a quick ratio of 1.18 and a debt-to-equity ratio of 6.07.
AbbVie declared that its board has initiated a stock buyback program on Thursday, February 15th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be issued a $0.96 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s payout ratio is currently 86.32%.
In other news, insider Laura J. Schumacher sold 25,000 shares of AbbVie stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $117.85, for a total transaction of $2,946,250.00. Following the completion of the sale, the insider now directly owns 123,317 shares in the company, valued at $14,532,908.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Robert A. Michael sold 992 shares of AbbVie stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total transaction of $119,347.52. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock worth $24,585,575 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.
Several large investors have recently bought and sold shares of ABBV. Bristlecone Advisors LLC acquired a new position in AbbVie during the third quarter valued at $113,000. Truewealth LLC acquired a new position in AbbVie during the fourth quarter valued at $126,000. Delpha Capital Management LLC acquired a new position in AbbVie during the fourth quarter valued at $131,000. Virtue Capital Management LLC acquired a new position in AbbVie during the fourth quarter valued at $139,000. Finally, We Are One Seven LLC acquired a new position in AbbVie during the fourth quarter valued at $148,000. Institutional investors and hedge funds own 70.51% of the company’s stock.
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.
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