AbbVie Inc. (NYSE:ABBV – Get Free Report) saw some unusual options trading on Tuesday. Stock investors bought 62,421 call options on the company. This is an increase of 307% compared to the typical volume of 15,355 call options.
Institutional Investors Weigh In On AbbVie
Hedge funds and other institutional investors have recently modified their holdings of the stock. Chelsea Counsel Co. purchased a new stake in AbbVie in the 3rd quarter worth approximately $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth $28,000. Imprint Wealth LLC increased its holdings in shares of AbbVie by 56.2% in the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Westend Capital Management LLC purchased a new stake in shares of AbbVie in the fourth quarter worth $29,000. Finally, IFC & Insurance Marketing Inc. bought a new stake in AbbVie during the fourth quarter valued at $31,000. 70.23% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. UBS Group boosted their price objective on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Monday. Canaccord Genuity Group lifted their target price on AbbVie from $265.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Morgan Stanley increased their price target on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, DZ Bank upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $266.24.
Key AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: BMO Capital Markets raised its price target on AbbVie to $300 from $258 and kept an outperform rating, signaling confidence in further upside for the shares.
- Positive Sentiment: Traders bought far more AbbVie call options than usual, suggesting some investors are positioning for a rebound or expecting a near-term catalyst.
- Positive Sentiment: AbbVie’s Allergan Aesthetics unit said SkinMedica is expanding its commitment to regenerative science, including more R&D investment and new advisory support, which reinforces AbbVie’s pipeline and innovation narrative. SkinMedica® Deepens Commitment to Regenerative Science with Continued Investment in Research and Development
- Positive Sentiment: Reports that AbbVie’s pharmaceutical project in Durham is moving forward point to continued operational expansion and investment.
- Neutral Sentiment: Analyst commentary from Zacks discussed whether AbbVie is a buy as Wall Street remains optimistic, but it did not introduce a new material corporate event. Is AbbVie (ABBV) a Buy as Wall Street Analysts Look Optimistic?
- Neutral Sentiment: AbbVie-related community and employee engagement updates in Asia are unlikely to move the stock much in the near term.
- Negative Sentiment: The stock has continued to slide for a seventh straight session, suggesting momentum has remained weak even with supportive analyst and options activity.
- Negative Sentiment: Broader sector concerns about big pharma’s looming patent-expiration problem may keep pressure on AbbVie and other drugmakers as investors focus on future revenue replacement needs.
AbbVie Price Performance
Shares of ABBV stock opened at $244.75 on Wednesday. The company’s fifty day simple moving average is $226.92 and its two-hundred day simple moving average is $221.44. AbbVie has a 1 year low of $184.63 and a 1 year high of $261.64. The stock has a market capitalization of $432.42 billion, a price-to-earnings ratio of 120.57, a PEG ratio of 0.82 and a beta of 0.30.
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period last year, the company earned $2.46 earnings per share. Equities research analysts anticipate that AbbVie will post 14.22 EPS for the current year.
AbbVie Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 340.89%.
AbbVie Company Profile
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.
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