Abbvie Inc (NYSE:ABBV) Stock Upgrade
In a recent report sent to investors earlier today, Jefferies & Co has boosted shares of Abbvie Inc (NYSE:ABBV) to a solid Buy rating and has set a 52-week target of $55.00. ABBV’s rating before this upgrade was a Hold.
From a total of 14 analysts covering Abbvie Inc (NYSE:ABBV) stock, 13 rate it a ”Buy”, 0 a “Sell”, and 3 a ”Hold”. This means that 81% of the ratings are positive. The highest target price is $85 while the lowest target price is $56. The mean of all analyst targets is $75.21 with a 37.21% above today’s ($56.12) stock price. Abbvie Inc was the topic of 10 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Barclays Capital downgraded shares on December 1 to “Equal-Weight” rating. SunTrust initiated shares with “Buy” rating and $85 target share price in a report from a July 22. UBS maintained ABBV stock in a recent report from October 23 with “Buy” rating. Finally, TheStreet upgraded the stock to “Buy” rating in a report issued on an August 11.
Approximately 3.12M shares of stock traded hands. AbbVie Inc (NYSE:ABBV) has declined 11.60% since May 4, 2015 and is downtrending. It has underperformed by 10.52% the S&P500.
The overall sentiment of institutions has decreased to 0.87 in Q2 2015. Its down 0.26, from 1.13 in 2015Q2. The ratio is negative, as 111 institutions have sold all the shares of AbbVie Inc that they owned while 631 funds have taken shares off the table. 78 funds have purchased shares for the first time while 569 added to their positions. These institutions now hold 1.12 billion shares or 4.90% less than the 1.17 billion shares they owned in 2015Q2.
The Fund Sarissa Capital Management Lp currently is holding shares equating to 21.23% of its total portfolio in AbbVie Inc representing a total of 1.58 million shares. Another fund,Consonance Capital Management Lp, is holding a total of 1.45 million shares equating to 11.07% of their holdings. Additionally, Financial Engines Advisors L.L.C. has a 286,756 share stake in AbbVie Inc which represents 10.96% of their total portfolio. The Fund, Grisanti Capital Management Llc, based out of New York, has also built up a stake in the stock, which represents a total of 8.74% of their total portfolio. Finally Inspirion Wealth Advisors Llc, a fund which is based in the state of Illinois reported a total holdings of 171,859 shares.
Insider activity is a very important aspect to track on any stock. Going back to April 30, 2015, shareholders of AbbVie Inc have witnessed 0 insider buys, and a total of 1 insider sale equating to a net activity of approximately $1.78 million . Gonzalez Richard A sold 24,979 shares worth approximately $1.78M. Hurwich Thomas A. sold 6,200 shares worth approximately $409,200.
AbbVie Inc. is a global, research biopharmaceutical company. The company has a market cap of $93.64 billion. The Firm develops and markets therapies that address a range of diseases. It has 32.84 P/E ratio. The Company’s products are focused on treating conditions, such as chronic autoimmune diseases, including rheumatoid arthritis, psoriasis and Crohn’s disease; hepatitis C (HCV); human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis, and other health conditions, such as low testosterone.
According to Zacks Investment Research, “AbbVie is a global, research-based biopharmaceutical company. AbbVie combines the focus and passion of a leading-edge biotech with the expertise and structure of a long-established pharmaceutical leader. The company’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases. AbbVie aims to help patients’ live healthier lives and collaborate on sustainable healthcare solutions.” Get a free copy of the Zacks research report on AbbVie Inc (ABBV).