AbbVie Inc. to Post Q2 2024 Earnings of $3.07 Per Share, William Blair Forecasts (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Stock analysts at William Blair upped their Q2 2024 earnings per share (EPS) estimates for shares of AbbVie in a research report issued to clients and investors on Monday, April 29th. William Blair analyst T. Lugo now forecasts that the company will post earnings per share of $3.07 for the quarter, up from their prior estimate of $2.75. William Blair has a “Outperform” rating on the stock. The consensus estimate for AbbVie’s current full-year earnings is $11.27 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.

Several other equities research analysts have also issued reports on ABBV. Truist Financial lifted their price target on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets reduced their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday. Raymond James raised their price objective on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, Barclays cut their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday. Three 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $174.31.

AbbVie Stock Down 0.6 %

Shares of AbbVie stock opened at $161.72 on Tuesday. The firm has a market cap of $286.35 billion, a price-to-earnings ratio of 47.99, a P/E/G ratio of 2.04 and a beta of 0.58. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. AbbVie has a 52-week low of $130.96 and a 52-week high of $182.89. The stock has a 50-day simple moving average of $173.74 and a 200-day simple moving average of $161.10.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 EPS for the quarter, topping 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 firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the company posted $2.46 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year.

AbbVie Dividend Announcement

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

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the sale, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the sale, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 in the last three months. Company insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

A number of institutional investors and hedge funds have recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the 4th quarter valued at $26,000. Able Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at $33,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter valued at $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at $37,000. 70.23% of the stock is currently 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.