AbbVie Inc. (NYSE:ABBV) Expected to Post Q2 2024 Earnings of $3.07 Per Share

AbbVie Inc. (NYSE:ABBV) – Investment analysts at William Blair lifted their Q2 2024 earnings per share estimates for shares of AbbVie in a research report issued 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 previous forecast 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 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 last year, the firm earned $2.46 earnings per share.

A number of other equities research analysts have also commented on the company. Truist Financial increased their price target on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday. Guggenheim upped their target price 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 cut their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Raymond James increased their price target on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Three research 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $174.31.

AbbVie Price Performance

ABBV stock opened at $161.52 on Tuesday. The company has a market capitalization of $286.00 billion, a P/E ratio of 47.93, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. AbbVie has a 52-week low of $130.96 and a 52-week high of $182.89. The business has a 50-day simple moving average of $174.27 and a two-hundred day simple moving average of $161.00. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $1.55 dividend. The ex-dividend date 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 (DPR) is currently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were 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 in the company, valued at $92,020,679.73. The disclosure for this sale can be found here. Over the last 90 days, insiders 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

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in AbbVie during the fourth quarter valued at approximately $3,229,888,000. Massachusetts Financial Services Co. MA grew its holdings in shares of AbbVie by 29,922.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock valued at $899,186,000 after purchasing an additional 6,012,281 shares during the last quarter. International Assets Investment Management LLC purchased a new position in AbbVie in the 4th quarter worth $499,955,000. Capital International Investors lifted its stake in AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after purchasing an additional 2,542,463 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of AbbVie by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after buying an additional 1,702,415 shares during the last quarter. Hedge funds and other institutional investors 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.