Investors Buy AbbVie (ABBV) on Weakness

Traders purchased shares of AbbVie Inc (NYSE:ABBV) on weakness during trading on Tuesday. $118.42 million flowed into the stock on the tick-up and $31.56 million flowed out of the stock on the tick-down, for a money net flow of $86.86 million into the stock. Of all stocks tracked, AbbVie had the 6th highest net in-flow for the day. AbbVie traded down ($0.46) for the day and closed at $97.75

Several equities research analysts recently issued reports on ABBV shares. Jefferies Group upped their price target on AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, October 16th. BMO Capital Markets set a $66.00 price target on AbbVie and gave the stock a “hold” rating in a report on Friday, October 27th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 6th. Piper Jaffray Companies upped their price target on AbbVie to $115.00 and gave the stock an “overweight” rating in a report on Friday, October 27th. Finally, SunTrust Banks reiterated a “buy” rating on shares of AbbVie in a report on Monday, October 30th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. AbbVie currently has an average rating of “Buy” and a consensus price target of $100.26.

The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. The firm has a market cap of $156,785.38, a PE ratio of 23.78, a price-to-earnings-growth ratio of 1.37 and a beta of 1.52.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same quarter in the previous year, the firm earned $1.21 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. research analysts forecast that AbbVie Inc will post 5.55 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be given a $0.71 dividend. The ex-dividend date is Thursday, January 11th. This represents a $2.84 annualized dividend and a yield of 2.91%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is currently 62.29%.

In other AbbVie news, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the transaction, the vice president now owns 10,007 shares of the company’s stock, valued at $880,616. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total value of $20,512,323.93. Following the completion of the transaction, the chairman now directly owns 492,030 shares in the company, valued at approximately $46,255,740.30. The disclosure for this sale can be found here. In the last three months, insiders sold 501,375 shares of company stock worth $47,827,450. Insiders own 0.23% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC lifted its holdings in AbbVie by 5.8% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 3,418,955 shares of the company’s stock worth $303,808,000 after purchasing an additional 188,933 shares in the last quarter. Shelton Capital Management lifted its holdings in AbbVie by 59.6% during the 3rd quarter. Shelton Capital Management now owns 127,799 shares of the company’s stock worth $11,356,000 after purchasing an additional 47,700 shares in the last quarter. GSB Wealth Management LLC purchased a new stake in AbbVie during the 3rd quarter worth about $240,000. Steward Partners Investment Advisory LLC purchased a new stake in AbbVie during the 3rd quarter worth about $5,754,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in AbbVie by 0.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,101,377 shares of the company’s stock worth $97,868,000 after purchasing an additional 4,028 shares in the last quarter. 69.18% of the stock is currently owned by hedge funds and other institutional investors.

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About AbbVie

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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