Brokers Issue Forecasts for AbbVie Inc.’s Q2 2024 Earnings (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Equities research analysts at William Blair raised their Q2 2024 earnings estimates for AbbVie in a research report issued on Monday, April 29th. William Blair analyst T. Lugo now forecasts that the company will post earnings of $3.07 per share for the quarter, up from their prior estimate of $2.75. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for AbbVie’s current full-year earnings is $11.19 per share. William Blair also issued estimates for AbbVie’s Q3 2024 earnings at $2.86 EPS, Q4 2024 earnings at $3.03 EPS and FY2026 earnings at $13.29 EPS.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The company had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter in the previous year, the firm earned $2.46 EPS. The company’s revenue was up .7% on a year-over-year basis.

A number of other equities research analysts also recently weighed in on the company. Barclays lowered their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday. BMO Capital Markets reduced their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday. Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Truist Financial increased their price objective on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Finally, Raymond James lifted their target price on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.31.

AbbVie Stock Up 1.2 %

Shares of AbbVie stock opened at $161.52 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The business has a 50-day moving average price of $174.27 and a 200 day moving average price of $161.00. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The firm has a market cap of $286.00 billion, a P/E ratio of 47.93, a P/E/G ratio of 2.03 and a beta of 0.58.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.84%. AbbVie’s dividend payout ratio is 183.98%.

Insider Activity at AbbVie

In other news, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now owns 519,099 shares in the company, valued at approximately $92,020,679.73. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of AbbVie stock in a transaction on Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the completion of the transaction, the executive vice president now owns 60,941 shares in the company, valued at approximately $10,895,641.39. The disclosure for this sale can be found here. Over the last three months, insiders have sold 383,324 shares of company stock valued at $67,780,003. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of hedge funds have recently bought and sold shares of the stock. Caprock Group LLC raised its position in shares of AbbVie by 12.8% during the first quarter. Caprock Group LLC now owns 22,068 shares of the company’s stock valued at $4,019,000 after buying an additional 2,498 shares during the last quarter. Hutchens & Kramer Investment Management Group LLC lifted its position in shares of AbbVie by 4.2% in the 1st quarter. Hutchens & Kramer Investment Management Group LLC now owns 1,825 shares of the company’s stock worth $330,000 after acquiring an additional 73 shares during the period. M3 Advisory Group LLC lifted its position in shares of AbbVie by 5.4% in the 1st quarter. M3 Advisory Group LLC now owns 2,422 shares of the company’s stock worth $441,000 after acquiring an additional 125 shares during the period. Townsend Asset Management Corp NC ADV grew its holdings in shares of AbbVie by 12.0% during the 1st quarter. Townsend Asset Management Corp NC ADV now owns 1,451 shares of the company’s stock worth $264,000 after purchasing an additional 156 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of AbbVie by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 510,865 shares of the company’s stock valued at $93,028,000 after purchasing an additional 5,567 shares during the period. 70.23% of the stock is owned by institutional investors.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.