AbbVie (ABBV) Issues FY18 Earnings Guidance
AbbVie (NYSE:ABBV) updated its FY18 earnings guidance on Thursday. The company provided EPS guidance of $7.66-7.76 for the period, compared to the Thomson Reuters consensus EPS estimate of $7.53.
Several research firms recently issued reports on ABBV. Credit Suisse Group dropped their price target on AbbVie from $109.00 to $104.00 and set a neutral rating on the stock in a research report on Friday. Jefferies Group set a $122.00 price target on AbbVie and gave the company a buy rating in a research report on Friday, April 13th. Barclays dropped their price target on AbbVie from $120.00 to $102.00 and set an equal weight rating on the stock in a research report on Thursday, April 5th. BMO Capital Markets reissued a sell rating and set a $80.00 price target on shares of AbbVie in a research report on Thursday, April 5th. Finally, ValuEngine lowered AbbVie from a strong-buy rating to a buy rating in a research report on Wednesday, March 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $117.55.
Shares of NYSE ABBV opened at $98.73 on Friday. AbbVie has a 1-year low of $64.61 and a 1-year high of $125.86. The company has a current ratio of 1.28, a quick ratio of 1.18 and a debt-to-equity ratio of 6.07. The firm has a market capitalization of $154,732.09, a price-to-earnings ratio of 17.63, a P/E/G ratio of 0.91 and a beta of 1.61.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be paid a $0.96 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. This represents a $3.84 annualized dividend and a dividend yield of 3.89%. AbbVie’s dividend payout ratio is presently 68.57%.
AbbVie declared that its board has initiated a stock buyback program on Thursday, February 15th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other news, insider Laura J. Schumacher sold 25,000 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $117.85, for a total value of $2,946,250.00. Following the completion of the transaction, the insider now owns 123,317 shares of the company’s stock, valued at $14,532,908.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Carlos Alban sold 83,574 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the completion of the transaction, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. In the last three months, insiders sold 211,197 shares of company stock valued at $24,585,575. Company insiders own 0.07% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Aspen Investment Management Inc boosted its stake in AbbVie by 0.8% during the second quarter. Aspen Investment Management Inc now owns 5,210 shares of the company’s stock valued at $378,000 after buying an additional 40 shares in the last quarter. Beaumont Financial Partners LLC boosted its stake in AbbVie by 1.0% during the second quarter. Beaumont Financial Partners LLC now owns 5,616 shares of the company’s stock valued at $407,000 after buying an additional 56 shares in the last quarter. High Falls Advisors Inc boosted its stake in AbbVie by 1.4% during the second quarter. High Falls Advisors Inc now owns 4,376 shares of the company’s stock valued at $317,000 after buying an additional 60 shares in the last quarter. Highland Private Wealth Management boosted its stake in AbbVie by 2.5% during the second quarter. Highland Private Wealth Management now owns 3,259 shares of the company’s stock valued at $236,000 after buying an additional 79 shares in the last quarter. Finally, Jasper Ridge Partners L.P. boosted its stake in AbbVie by 1.0% during the second quarter. Jasper Ridge Partners L.P. now owns 9,948 shares of the company’s stock valued at $721,000 after buying an additional 96 shares in the last quarter. 70.65% of the stock is owned by institutional investors.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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