AbbVie Inc. (NYSE:ABBV) – SunTrust Banks cut their Q4 2018 earnings per share estimates for AbbVie in a report issued on Monday, April 16th. SunTrust Banks analyst J. Boris now forecasts that the company will post earnings of $1.93 per share for the quarter, down from their prior forecast of $1.99. SunTrust Banks currently has a “Average” rating and a $157.00 price target on the stock.
A number of other analysts also recently issued reports on ABBV. BMO Capital Markets set a $84.00 price target on shares of AbbVie and gave the company a “hold” rating in a report on Wednesday, December 20th. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 price target on the stock in a report on Wednesday, December 20th. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 price objective on the stock in a research note on Tuesday, January 2nd. Piper Jaffray reiterated a “buy” rating on shares of AbbVie in a research note on Tuesday, January 2nd. Finally, Jefferies Group increased their price objective on shares of AbbVie from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $117.85.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. The firm had revenue of $7.74 billion for 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 business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABBV. Jennison Associates LLC bought a new stake in shares of AbbVie during the third quarter valued at approximately $544,418,000. Capital International Investors raised its position in shares of AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after buying an additional 4,550,954 shares during the last quarter. Vanguard Group Inc. raised its position in shares of AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after buying an additional 3,706,941 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after buying an additional 3,646,510 shares during the last quarter. Finally, Orbis Allan Gray Ltd raised its position in shares of AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after buying an additional 3,340,038 shares during the last quarter. Institutional investors own 70.57% of the company’s stock.
In other AbbVie news, VP Robert A. Michael sold 4,294 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total transaction of $512,832.42. Following the sale, the vice president now owns 11,170 shares in the company, valued at approximately $1,334,033.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Robert A. Michael sold 992 shares of the firm’s stock in a transaction that occurred 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. In the last 90 days, insiders have sold 211,197 shares of company stock worth $24,585,575. 0.07% of the stock is owned by company insiders.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a dividend of $0.96 per share. This is a boost from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a yield of 4.07%. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.
AbbVie announced that its board has initiated a stock repurchase plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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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