AbbVie Inc. (NYSE:ABBV) posted its quarterly earnings results on Friday. The company reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.02, Bloomberg Earnings reports. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $7 billion during the quarter, compared to analysts’ expectations of $7 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. AbbVie updated its FY17 guidance to $5.53-5.55 EPS and its FY18 guidance to $6.37-6.57 EPS.
AbbVie (NYSE ABBV) traded up 2.65% during mid-day trading on Friday, reaching $91.93. The company’s stock had a trading volume of 9,066,289 shares. The stock has a 50-day moving average price of $89.78 and a 200-day moving average price of $74.85. AbbVie has a one year low of $55.06 and a one year high of $98.26. The company has a market capitalization of $146.55 billion, a price-to-earnings ratio of 22.61 and a beta of 1.51.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 62.29%.
ABBV has been the subject of several recent analyst reports. Zacks Investment Research cut AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a research note on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and issued a $100.00 price target (up previously from $85.00) on shares of AbbVie in a research note on Friday, September 8th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 6th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $107.00 price target (up previously from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $93.63.
In other AbbVie news, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the completion of the transaction, the vice president now owns 10,007 shares in the company, valued at approximately $880,616. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.00, for a total value of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares of the company’s stock, valued at approximately $33,343,233. The disclosure for this sale can be found here. Insiders have sold a total of 379,890 shares of company stock valued at $27,187,817 in the last quarter. Company insiders own 0.23% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABBV. Formidable Asset Management LLC increased its stake in shares of AbbVie by 0.3% in the 2nd quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock valued at $285,000 after purchasing an additional 10 shares in the last quarter. WealthTrust Axiom LLC increased its stake in shares of AbbVie by 0.3% in the 2nd quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock valued at $312,000 after purchasing an additional 15 shares in the last quarter. Abner Herrman & Brock LLC increased its stake in shares of AbbVie by 0.3% in the 2nd quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock valued at $456,000 after purchasing an additional 18 shares in the last quarter. Bollard Group LLC increased its stake in shares of AbbVie by 0.5% in the 2nd quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock valued at $273,000 after purchasing an additional 19 shares in the last quarter. Finally, St. Louis Trust Co increased its stake in shares of AbbVie by 0.7% in the 2nd quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock valued at $248,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 68.43% of the company’s stock.
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AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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