ABBV - AbbVie Inc.

NYSE - NYSE Delayed Price. Currency in USD
87.20
-1.82 (-2.04%)
At close: 4:03PM EST

87.20 0.00 (0.00%)
After hours: 6:25PM EST

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Previous Close89.02
Open88.72
Bid86.78 x 800
Ask87.19 x 1300
Day's Range86.54 - 88.72
52 Week Range62.66 - 94.98
Volume10,887,204
Avg. Volume7,795,610
Market Cap128.953B
Beta (3Y Monthly)0.95
PE Ratio (TTM)40.06
EPS (TTM)2.18
Earnings DateJan. 23, 2020 - Jan. 27, 2020
Forward Dividend & Yield4.72 (5.30%)
Ex-Dividend Date2020-01-14
1y Target Est94.00
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  • AbbVie Sells $30 Billion of Bonds to Fund Allergan Acquisition
    Bloomberg

    AbbVie Sells $30 Billion of Bonds to Fund Allergan Acquisition

    (Bloomberg) -- AbbVie Inc. sold $30 billion of bonds to help finance its acquisition of Allergan Plc as investors flocked to buy a piece of the largest debt sale this year. Demand for the notes was strong with the order book peaking at $77 billion.The drug maker capitalized on some of the cheapest borrowing costs of the year, with risk premiums over Treasuries at the lowest level since October 2018. That should encourage more borrowers to come forward, with investment-grade syndicate desks projecting another $17 billion in sales this week on top of AbbVie’s expected offering.Read more: IG ANALYSIS: AbbVie Prints $30b Through Curve; $73b Final BookAbbVie’s sale tops the chart as the biggest bond sale this year and it’s the fourth largest of all time. The offering came in 10 parts with the 30-year security yielding 1.90 percentage points above Treasuries, after initially discussing around 2.1 percentage points, according to people with knowledge of the matter, who asked not to be identified as the details are private. Investors placed about $77 billion in orders, people familiar with the order book said.AbbVie agreed to buy Allergan in June for $63 billion in one of the largest pharmaceutical deals this year. It should bring much-needed diversity to the acquirer’s line-up, as AbbVie’s cornerstone drug Humira, which treats arthritis, has been facing more competition, especially in Europe. U.S. antitrust officials are still reviewing the deal, which the companies expect will close early next year.The deal is expected to take the combined company’s debt to more than three times a measure of its earnings, credit raters have said. Still, Moody’s Investors Service has left its rating on AbbVie unchanged at two levels above speculative grade, as the transaction should generate significant free cash flow. S&P Global Ratings, however, said it will likely cut AbbVie one level to BBB+, three levels above junk.Read more: Corporations Pile Into Bond Market as Borrowing Costs DropManagement has reiterated its intention to pay down debt, to achieve a ratio of net debt to Ebitda -- earnings before interest, tax, depreciation and amortization -- of 2.5 times by the end of 2021. Further deleveraging through 2023 is possible, Chief Financial Officer Rob Michael said on an earnings call earlier this month.Morgan Stanley, Bank of America Corp. and Barclays Plc managed the bond sale, the person said.\--With assistance from Brian Smith.To contact the reporter on this story: Elizabeth Rembert in New York at erembert@bloomberg.netTo contact the editor responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Corporations Pile Into Bond Market as Borrowing Costs Drop
    Bloomberg

    Corporations Pile Into Bond Market as Borrowing Costs Drop

    (Bloomberg) -- Floodgates have opened in the corporate bond market as issuers capitalize on some of the cheapest funding costs of the year.Credit risk premiums have been tightening as investors pour money into corporate bond funds. That’s encouraging companies to borrow, with AbbVie Inc. looking to price the year’s largest sale Tuesday, and at least 10 new deals in the junk-bond market.It all adds to a bullish outlook as recession fears have abated amid stronger economic data and progress in U.S.-China trade talks, Bank of America Corp. strategists led by Hans Mikkelsen said in a report Friday. Investors expect spreads to tighten further in the next three months, but could widen over the longer-term, the strategists said, citing a November survey.With that in mind, issuers are looking to get in now while the getting’s good. Since the Federal Reserve lowered rates for a third consecutive time last month, Treasury yields have been rising as investors perceive the cutting to be done for now. Companies may be concerned that rates are only rising from here, said Ken Monaghan, co-director of high yield at Amundi Pioneer.And with most of third-quarter earnings done, and largely better than feared, equity markets have been supportive for corporate spreads, said Nicholas Elfner, co-head of research at Breckinridge Capital Advisors.“That gives you comfort that the market is relatively healthy,” Elfner said. “There’s still good demand out there for high quality names.”Investment-grade spreads are hovering at 105 basis points over Treasuries, the lowest level since October 2018. High-yield premiums meanwhile came in 16 basis points last week alone, and should rally further alongside rising stocks and oil prices. High-grade funds have seen inflows in all but one of the last 23 weeks, and high-yield funds, with the exception of a small outflow last week, had drawn in money in the three prior weeks, according to Refinitiv Lipper.AbbVie is borrowing $30 billion to help fund its purchase of Allergan Plc -- which could catapult this week’s high-grade sales to $45 billion, double last week’s total. High-yield issuers, most of which are refinancing debt, are contributing to what will the busiest day for supply in three months.“As the cost of debt remains low, you’ll see issuers rush to beat the holiday slowdown and join the party to issue,” said Lon Erickson, a portfolio manager from Thornburg Investment Management.(Updates with AbbVie deal size in the penultimate paragraph)\--With assistance from Natalie Harrison and Elizabeth Rembert.To contact the reporter on this story: Molly Smith in New York at msmith604@bloomberg.netTo contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, Christopher DeRezaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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  • AbbVie Rises 3%
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