Important Rating: Citigroup Gives AbbVie (NYSE:ABBV) Lower Rating. Lost Its “Buy” Rating

November 28, 2016 - By Nellie Frank

Important Rating: Citigroup Gives AbbVie (NYSE:ABBV) Lower Rating. Lost Its

AbbVie (NYSE:ABBV) Downgrade

Investment analysts at Citigroup’s equity research division lowered AbbVie (NYSE:ABBV)‘s stock rating from “Buy” to “Neutral” on 28 November.

AbbVie Inc (NYSE:ABBV) Ratings Coverage

Out of 17 analysts covering Abbvie Inc (NYSE:ABBV), 7 rate it a “Buy”, 1 “Sell”, while 9 “Hold”. This means 41% are positive. $85 is the highest target while $55 is the lowest. The $71.08 average target is 19.16% above today’s ($59.65) stock price. Abbvie Inc has been the topic of 29 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of AbbVie Inc (NYSE:ABBV) has “Hold” rating given on Tuesday, March 15 by Deutsche Bank. The rating was initiated by Raymond James on Friday, September 2 with “Outperform”. On Monday, November 2 the stock rating was upgraded by Morgan Stanley to “Overweight”. The firm has “Equal-Weight” rating by Morgan Stanley given on Wednesday, June 8. The firm has “Market Perform” rating given on Monday, June 6 by Cowen & Co. The stock of AbbVie Inc (NYSE:ABBV) has “Buy” rating given on Tuesday, August 11 by TheStreet. The firm has “” rating by Citigroup given on Monday, September 28. As per Friday, June 10, the company rating was downgraded by BMO Capital Markets. UBS maintained the shares of ABBV in a report on Friday, October 23 with “Buy” rating. The firm has “Neutral” rating by JP Morgan given on Thursday, September 8.

About 2.16 million shares traded hands. AbbVie Inc (NYSE:ABBV) has declined 0.75% since April 25, 2016 and is downtrending. It has underperformed by 6.77% the S&P500.

Analysts await AbbVie Inc (NYSE:ABBV) to report earnings on February, 3. They expect $1.20 earnings per share, up 6.19% or $0.07 from last year’s $1.13 per share. ABBV’s profit will be $1.96 billion for 12.43 P/E if the $1.20 EPS becomes a reality. After $1.21 actual earnings per share reported by AbbVie Inc for the previous quarter, Wall Street now forecasts -0.83% negative EPS growth.

Insitutional Activity: The institutional sentiment increased to 1.03 in 2016 Q2. Its up 0.17, from 0.86 in 2016Q1. The ratio increased, as 86 funds sold all AbbVie Inc shares owned while 593 reduced positions. 75 funds bought stakes while 508 increased positions. They now own 1.06 billion shares or 1.95% less from 1.08 billion shares in 2016Q1.

Ironwood Fincl Limited reported 214 shares or 0.01% of all its holdings. Fishman Jay A Mi accumulated 9,356 shares or 0% of the stock. Nadler Grp Inc holds 9,803 shares or 0.26% of its portfolio. Airain Limited has 26,784 shares for 0.1% of their US portfolio. Provident has invested 0.05% of its portfolio in AbbVie Inc (NYSE:ABBV). Ferguson Wellman Capital Mngmt owns 760,813 shares or 1.98% of their US portfolio. The Colorado-based Cetera Advisors Ltd has invested 0.25% in AbbVie Inc (NYSE:ABBV). Gamble Jones Invest Counsel last reported 1.59% of its portfolio in the stock. Dixon Hubard Feinour & Brown Va reported 76,318 shares or 1.51% of all its holdings. Madison Investment has 0.01% invested in the company for 10,705 shares. Citigroup holds 0.07% of its portfolio in AbbVie Inc (NYSE:ABBV) for 1.10 million shares. Wexford Cap Lp holds 0.35% of its portfolio in AbbVie Inc (NYSE:ABBV) for 32,958 shares. Main Street Ltd holds 22,926 shares or 0.29% of its portfolio. Intrust National Bank & Trust Na holds 15,586 shares or 0.39% of its portfolio. Moreover, Marietta Inv Partners Lc has 0.76% invested in AbbVie Inc (NYSE:ABBV) for 34,572 shares.

Insider Transactions: Since June 2, 2016, the stock had 0 insider buys, and 3 insider sales for $21.69 million net activity. The insider HURWICH THOMAS A. sold $192,200. Shares for $18.25 million were sold by GONZALEZ RICHARD A on Thursday, June 2. Schumacher Laura J had sold 50,000 shares worth $3.25M.

AbbVie Inc. is a research-based biopharmaceutical company. The company has a market cap of $97.47 billion. The Firm develops and markets therapies that address a range of diseases. It has a 16.05 P/E ratio. The Firm operates in pharmaceutical products segment.

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.”

ABBV Company Profile

AbbVie Inc. (AbbVie), incorporated on April 10, 2012, is a research biopharmaceutical company. The Firm develops and markets therapies that address a range of diseases. The Firm operates in pharmaceutical products segment. The Company’s products are focused on treating conditions, such as chronic autoimmune diseases, in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions. AbbVie also has a pipeline of new medicines, including over 50 compounds or indications in clinical development across medical specialties, such as immunology, virology/liver disease, oncology, neurological diseases and women’s health. The Company’s product portfolio includes HUMIRA, IMBRUVICA, HCV products, additional virology products, metabolics/hormones products, endocrinology products and other products.

More news for AbbVie Inc (NYSE:ABBV) were recently published by: Fool.com, which released: “Better Buy: AbbVie Inc. vs. GlaxoSmithKline PLC” on November 18, 2016. Valuewalk.com‘s article titled: “Dividend Aristocrats In Focus Part 28: AbbVie Inc (ABBV)” and published on November 03, 2016 is yet another important article.

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