AbbVie (NYSE:ABBV) Rating Increased to Overweight at Piper Jaffray Companies

Piper Jaffray Companies upgraded shares of AbbVie (NYSE:ABBV) from a neutral rating to an overweight rating in a report released on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has $80.00 price objective on the stock.

Several other equities analysts have also commented on ABBV. Credit Suisse Group set a $78.00 target price on AbbVie and gave the company a sell rating in a report on Friday, April 26th. Leerink Swann raised AbbVie to a buy rating in a report on Tuesday, July 2nd. Wolfe Research raised AbbVie from an underperform rating to a peer perform rating in a report on Thursday, June 27th. Goldman Sachs Group began coverage on AbbVie in a report on Tuesday, May 28th. They issued a neutral rating and a $84.00 target price on the stock. Finally, Citigroup reissued a hold rating on shares of AbbVie in a report on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. AbbVie presently has an average rating of Hold and an average price target of $92.05.

AbbVie stock opened at $67.52 on Tuesday. AbbVie has a twelve month low of $62.66 and a twelve month high of $98.70. The stock’s fifty day simple moving average is $67.68 and its 200-day simple moving average is $76.15. The firm has a market capitalization of $98.41 billion, a P/E ratio of 8.54, a P/E/G ratio of 1.58 and a beta of 0.96.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.05. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. The company’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.00 earnings per share. On average, equities research analysts expect that AbbVie will post 8.88 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 6.34%. The ex-dividend date of this dividend was Friday, July 12th. AbbVie’s payout ratio is 54.11%.

In other news, Director Roxanne S. Austin acquired 11,500 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were bought at an average price of $67.50 per share, with a total value of $776,250.00. Following the completion of the acquisition, the director now owns 52,114 shares in the company, valued at approximately $3,517,695. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Henry O. Gosebruch acquired 30,000 shares of the company’s stock in a transaction on Monday, July 29th. The shares were purchased at an average cost of $67.28 per share, for a total transaction of $2,018,400.00. Following the acquisition, the executive vice president now owns 75,763 shares of the company’s stock, valued at approximately $5,097,334.64. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 152,452 shares of company stock worth $10,128,541. Corporate insiders own 0.08% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in ABBV. Portfolio Solutions LLC purchased a new position in AbbVie in the 4th quarter worth approximately $46,000. Markston International LLC increased its stake in AbbVie by 0.4% in the 4th quarter. Markston International LLC now owns 123,038 shares of the company’s stock worth $11,343,000 after purchasing an additional 435 shares during the period. Tortoise Investment Management LLC increased its stake in AbbVie by 39.8% in the 4th quarter. Tortoise Investment Management LLC now owns 703 shares of the company’s stock worth $65,000 after purchasing an additional 200 shares during the period. MA Private Wealth purchased a new position in AbbVie in the 4th quarter worth approximately $583,000. Finally, Lipe & Dalton increased its stake in AbbVie by 15.9% in the 4th quarter. Lipe & Dalton now owns 15,330 shares of the company’s stock worth $1,413,000 after purchasing an additional 2,100 shares during the period. Institutional investors and hedge funds own 70.03% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Analyst Recommendations for AbbVie (NYSE:ABBV)

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