William Blair Weighs in on AbbVie Inc’s Q1 2018 Earnings (ABBV)
AbbVie Inc (NYSE:ABBV) – Equities research analysts at William Blair upped their Q1 2018 EPS estimates for AbbVie in a research report issued on Monday. William Blair analyst Y. Xu now expects that the company will post earnings per share of $1.80 for the quarter, up from their previous forecast of $1.50. William Blair also issued estimates for AbbVie’s Q3 2018 earnings at $1.95 EPS, Q4 2018 earnings at $2.08 EPS and FY2019 earnings at $8.42 EPS.
A number of other brokerages also recently weighed in on ABBV. Piper Jaffray Companies upped their price target on shares of AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Leerink Swann downgraded shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target for the company. in a report on Monday. SunTrust Banks upped their price target on shares of AbbVie to $157.00 and gave the company an “average” rating in a report on Monday. BMO Capital Markets downgraded shares of AbbVie from a “market perform” rating to an “underperform” rating and cut their price target for the company from $125.86 to $84.00 in a report on Monday. They noted that the move was a valuation call. Finally, Evercore ISI reissued a “buy” rating and issued a $144.00 price target on shares of AbbVie in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $115.07.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the prior year, the company earned $1.20 EPS. AbbVie’s revenue was up 13.9% on a year-over-year basis.
In other news, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the sale, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at $11,136,467.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the sale, the chairman now directly owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The disclosure for this sale can be found here. Insiders have sold 476,376 shares of company stock valued at $45,580,873 over the last ninety days. Insiders own 0.23% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Savant Capital LLC increased its holdings in AbbVie by 1.3% in the second quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock worth $4,433,000 after buying an additional 793 shares during the last quarter. Princeton Capital Management Inc. acquired a new position in AbbVie in the second quarter worth approximately $1,394,000. Palisade Asset Management LLC increased its holdings in AbbVie by 17.9% in the second quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock worth $4,953,000 after buying an additional 10,381 shares during the last quarter. Beaton Management Co. Inc. acquired a new position in AbbVie in the second quarter worth approximately $528,000. Finally, Greatmark Investment Partners Inc. increased its holdings in AbbVie by 3.7% in the second quarter. Greatmark Investment Partners Inc. now owns 35,178 shares of the company’s stock worth $2,551,000 after buying an additional 1,242 shares during the last quarter. 69.28% of the stock is owned by institutional investors and hedge funds.
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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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