Mastery talked up AbbVie Inc (ABBV) two weeks ago when it began trading on the NYSE. In the last five days the stock has moved up 9%. It's time to consider going long on ABBV.
We called AbbVie Inc. the Spinoff for 2013. It's been years in the making finally separating from Abbott Labs (ABT). AbbVie Inc (ABBV) shares have traded between $32.51 and $37.07 since the start of the year. The company is less than 2% from its recent high trading with P/E Ratio of 11.5 and EPS of 3.1. We wished we would have bought when we highlighted the stock. Last week they set their first quarterly dividend of 40 cents to be paid on Feb 15th for shareholders as of Jan 15th. That's an impressive forward dividend yield of 4.65%. Recall that AbbVie enjoys the profits such drugs as Humira, Vicodin, and cholesterol drug Niaspan.
Now the analysts have weighed in on AbbVie (the cue Mastery was waiting for). Yesterday Jefferies set a 'Buy' rating and a $44 price target calling ABBV its top pick for 2013.
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Wells Fargo also set a rating of Outperform on AbbVie. It could pay to enter into a long position before we get too far into 2013.
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