FY2024 Earnings Forecast for AbbVie Issued By Zacks Research

AbbVie Inc. (NYSE:ABBV) – Analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of AbbVie in a research note issued on Wednesday, November 20th. Zacks Research analyst S. Ganoria now expects that the company will post earnings per share of $10.93 for the year, up from their previous forecast of $10.81. The consensus estimate for AbbVie’s current full-year earnings is $10.95 per share.

A number of other equities research analysts have also weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Barclays lifted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Leerink Partners upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target for the company in a report on Friday. Sanford C. Bernstein assumed coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Finally, Morgan Stanley lowered their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $203.50.

AbbVie Trading Up 0.1 %

Shares of NYSE ABBV opened at $177.06 on Monday. AbbVie has a fifty-two week low of $137.65 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company has a market cap of $312.89 billion, a price-to-earnings ratio of 61.48, a PEG ratio of 2.16 and a beta of 0.63. The business’s 50 day moving average price is $189.09 and its 200-day moving average price is $181.44.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.95 EPS.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.70%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is 227.78%.

Institutional Trading of AbbVie

A number of institutional investors have recently made changes to their positions in the business. RPg Family Wealth Advisory LLC acquired a new position in AbbVie during the 3rd quarter valued at approximately $28,000. Fairway Wealth LLC acquired a new stake in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter valued at $27,000. Marquette Asset Management LLC acquired a new position in shares of AbbVie in the 3rd quarter valued at $39,000. Finally, Mizuho Securities Co. Ltd. raised its stake in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.