AbbVie (ABBV) Cut to “Sell” at ValuEngine

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AbbVie (NYSE:ABBV) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets reaffirmed a “sell” rating and issued a $78.00 target price on shares of AbbVie in a research note on Friday, July 27th. Berenberg Bank assumed coverage on shares of AbbVie in a research note on Thursday, July 12th. They issued a “hold” rating and a $105.00 target price for the company. Credit Suisse Group set a $85.00 target price on shares of AbbVie and gave the company a “hold” rating in a research note on Sunday, October 14th. Cowen set a $110.00 target price on shares of AbbVie and gave the company a “buy” rating in a research note on Friday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $100.00 target price on shares of AbbVie in a research note on Friday, July 27th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. AbbVie presently has a consensus rating of “Hold” and a consensus target price of $106.98.

Shares of ABBV traded down $1.93 on Friday, reaching $87.97. 7,059,600 shares of the company’s stock were exchanged, compared to its average volume of 7,027,468. The company has a debt-to-equity ratio of -9.06, a current ratio of 0.80 and a quick ratio of 0.71. The company has a market cap of $139.72 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 0.91 and a beta of 1.54. AbbVie has a 12 month low of $85.24 and a 12 month high of $125.86.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 27th. The company reported $2.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.02. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The firm had revenue of $8.28 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The business’s quarterly revenue was up 19.2% on a year-over-year basis. As a group, analysts expect that AbbVie will post 7.86 EPS for the current year.

In other news, EVP Michael Severino sold 50,000 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the completion of the sale, the executive vice president now owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.07% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Signature Estate & Investment Advisors LLC acquired a new position in AbbVie during the third quarter worth $112,000. Fairfield Bush & CO. acquired a new position in AbbVie during the first quarter worth $146,000. First Mercantile Trust Co. acquired a new position in AbbVie during the second quarter worth $150,000. MUFG Securities EMEA plc acquired a new position in AbbVie during the second quarter worth $157,000. Finally, Rainier Group Investment Advisory LLC acquired a new position in AbbVie during the first quarter worth $161,000. 69.44% of the stock is owned by institutional investors.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

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Analyst Recommendations for AbbVie (NYSE:ABBV)

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