Brokers Offer Predictions for AbbVie Inc.’s Q2 2024 Earnings (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Equities research analysts at Leerink Partnrs increased their Q2 2024 earnings estimates for AbbVie in a report released 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 previous forecast of $2.84. The consensus estimate for AbbVie’s current full-year earnings is $11.29 per share. Leerink Partnrs also issued estimates for AbbVie’s FY2024 earnings at $11.30 EPS and FY2026 earnings at $13.13 EPS.

ABBV has been the subject of a number of other research reports. BMO Capital Markets cut their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Raymond James upped their price objective on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Truist Financial increased their price target on shares of AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Finally, Guggenheim increased their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $174.31.

AbbVie Trading Up 1.9 %

Shares of AbbVie stock opened at $163.81 on Thursday. The firm has a 50-day simple moving average of $173.42 and a two-hundred day simple moving average of $161.10. The company has a market cap of $290.05 billion, a P/E ratio of 48.61, a price-to-earnings-growth ratio of 2.04 and a beta of 0.61. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. 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 (NYSE:ABBV) last announced 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. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.46 earnings per share.

Hedge Funds Weigh In On AbbVie

Large investors have recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the fourth quarter valued at about $26,000. IFS Advisors LLC acquired a new position in shares of AbbVie in the 1st quarter valued at about $36,000. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter valued at approximately $37,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter valued at approximately $33,000. Finally, Valued Wealth Advisors LLC boosted its position in AbbVie by 111.1% during the first quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock worth $42,000 after purchasing an additional 120 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s stock in a transaction dated 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 approximately $9,855,698.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the completion of the sale, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at approximately $10,895,641.39. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is owned by corporate insiders.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. AbbVie’s payout ratio is 183.98%.

AbbVie Company Profile

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.