Barclays Trims AbbVie (ABBV) Target Price to $102.00

AbbVie (NYSE:ABBV) had its target price decreased by stock analysts at Barclays from $120.00 to $102.00 in a note issued to investors on Thursday. The brokerage currently has an “equal weight” rating on the stock. Barclays’ target price indicates a potential upside of 13.61% from the stock’s current price.

A number of other brokerages also recently commented on ABBV. Credit Suisse Group set a $135.00 target price on shares of AbbVie and gave the stock a “hold” rating in a research note on Monday, January 29th. Leerink Swann cut shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target for the company. in a research report on Monday, January 29th. Jefferies Group set a $145.00 price target on shares of AbbVie and gave the company a “buy” rating in a research report on Monday, February 26th. BMO Capital Markets set a $84.00 price target on shares of AbbVie and gave the company a “hold” rating in a research report on Thursday, January 11th. Finally, Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. AbbVie presently has an average rating of “Buy” and an average price target of $117.38.

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Shares of ABBV stock opened at $89.78 on Thursday. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18. The firm has a market cap of $147,586.22, a P/E ratio of 16.03, a PEG ratio of 0.88 and a beta of 1.61. AbbVie has a 12 month low of $63.12 and a 12 month high of $125.86.

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

AbbVie announced 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 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

In other news, VP Robert A. Michael sold 4,294 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total value of $512,832.42. Following the completion of the sale, the vice president now directly owns 11,170 shares of the company’s stock, valued at $1,334,033.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert A. Michael sold 992 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock valued at $24,585,575 over the last ninety days. Corporate insiders own 0.07% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Ffcm LLC raised its holdings in AbbVie by 167.2% during the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after purchasing an additional 963 shares in the last quarter. Bristlecone Advisors LLC purchased a new position in AbbVie during the third quarter worth about $113,000. Truewealth LLC purchased a new position in AbbVie during the fourth quarter worth about $126,000. Delpha Capital Management LLC purchased a new position in AbbVie during the fourth quarter worth about $131,000. Finally, Hershey Trust Co. purchased a new position in AbbVie during the third quarter worth about $139,000. 70.54% of the stock is owned by institutional investors and hedge funds.

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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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