AbbVie Inc. to Post Q2 2024 Earnings of $3.02 Per Share, Leerink Partnrs Forecasts (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Research analysts at Leerink Partnrs increased their Q2 2024 earnings per share estimates for shares of AbbVie in a research note issued on Monday, April 29th. Leerink Partnrs analyst D. Risinger now expects that the company will post earnings per share of $3.02 for the quarter, up from their prior estimate of $2.84. The consensus estimate for AbbVie’s current full-year earnings is $11.27 per share. Leerink Partnrs also issued estimates for AbbVie’s FY2024 earnings at $11.30 EPS and FY2026 earnings at $13.13 EPS.

Several other research analysts also recently commented on the company. Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Truist Financial lifted their price objective on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. BMO Capital Markets decreased their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Barclays decreased their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.31.

AbbVie Stock Down 0.6 %

Shares of ABBV stock opened at $161.72 on Thursday. The stock’s 50 day simple moving average is $173.74 and its 200 day simple moving average is $161.10. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. AbbVie has a twelve month low of $130.96 and a twelve month high of $182.89. The company has a market capitalization of $286.35 billion, a price-to-earnings ratio of 47.99, a PEG ratio of 2.04 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same period last year, the business earned $2.46 EPS. The firm’s revenue was up .7% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ABBV. Aua Capital Management LLC boosted its position in shares of AbbVie by 20.2% during the third quarter. Aua Capital Management LLC now owns 2,709 shares of the company’s stock worth $404,000 after buying an additional 455 shares during the period. Litman Gregory Wealth Management LLC acquired a new position in AbbVie during the third quarter valued at approximately $341,000. Hexagon Capital Partners LLC boosted its position in AbbVie by 13.7% during the third quarter. Hexagon Capital Partners LLC now owns 8,130 shares of the company’s stock valued at $1,212,000 after purchasing an additional 981 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in AbbVie by 4.7% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 532,728 shares of the company’s stock valued at $79,408,000 after purchasing an additional 23,693 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in AbbVie by 1.3% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,532,290 shares of the company’s stock valued at $228,403,000 after purchasing an additional 20,333 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $178.79, for a total value of $10,539,491.71. Following the completion of the transaction, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at $10,895,641.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $178.79, for a total value of $10,539,491.71. Following the completion of the transaction, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at $10,895,641.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 383,324 shares of company stock valued at $67,780,003. Company insiders own 0.25% of the company’s stock.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.83%. AbbVie’s payout ratio is 183.98%.

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.