Investors Sell AbbVie (ABBV) on Strength Following Analyst Downgrade

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Traders sold shares of AbbVie Inc (NYSE:ABBV) on strength during trading hours on Wednesday after Argus lowered their price target on the stock from $130.00 to $115.00. $149.28 million flowed into the stock on the tick-up and $193.98 million flowed out of the stock on the tick-down, for a money net flow of $44.70 million out of the stock. Of all companies tracked, AbbVie had the 31st highest net out-flow for the day. AbbVie traded up $3.30 for the day and closed at $86.96

Several other research analysts have also commented on ABBV. Berenberg Bank started coverage on AbbVie in a research report on Thursday, July 12th. They issued a “hold” rating and a $105.00 price target for the company. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Credit Suisse Group raised AbbVie to a “hold” rating and set a $89.00 target price on the stock in a research report on Friday, July 13th. Jefferies Financial Group set a $100.00 target price on AbbVie and gave the company a “buy” rating in a research report on Sunday, July 15th. Finally, BMO Capital Markets reaffirmed a “sell” rating and set a $78.00 target price on shares of AbbVie in a research report on Friday, July 27th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $103.68.

In other AbbVie news, EVP Michael Severino sold 50,000 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the sale, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.07% of the company’s stock.

A number of institutional investors have recently bought and sold shares of ABBV. Robeco Institutional Asset Management B.V. purchased a new stake in AbbVie during the 3rd quarter valued at about $133,646,000. Cornerstone Wealth Management LLC grew its stake in AbbVie by 8,774.3% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after purchasing an additional 1,089,763 shares during the last quarter. Summit Trail Advisors LLC grew its stake in AbbVie by 7,637.2% during the 1st quarter. Summit Trail Advisors LLC now owns 997,253 shares of the company’s stock valued at $997,000 after purchasing an additional 984,364 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in AbbVie by 3,516.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 746,656 shares of the company’s stock valued at $70,619,000 after purchasing an additional 726,012 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in AbbVie by 15.9% during the 2nd quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after purchasing an additional 717,452 shares during the last quarter. Institutional investors and hedge funds own 69.43% of the company’s stock.

The company has a debt-to-equity ratio of 8.70, a current ratio of 0.80 and a quick ratio of 0.71. The company has a market cap of $120.48 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 0.72 and a beta of 1.62.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, November 2nd. The company reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.13. AbbVie had a return on equity of 671.60% and a net margin of 23.50%. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year. Analysts expect that AbbVie Inc will post 7.94 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be paid a $1.07 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Monday, January 14th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.92%. AbbVie’s dividend payout ratio is presently 68.57%.

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AbbVie Company Profile (NYSE:ABBV)

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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