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

AbbVie Inc. (NYSE:ABBV) – Analysts at Leerink Partnrs boosted their Q2 2024 earnings estimates for AbbVie in a research note issued on Monday, April 29th. Leerink Partnrs analyst D. Risinger now forecasts that the company will post earnings of $3.02 per share for the quarter, up from their previous forecast 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.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during 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%. AbbVie’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.46 earnings per share.

Other research analysts also recently issued reports about the stock. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Truist Financial lifted their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Raymond James lifted their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. BMO Capital Markets reduced their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s 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 Trading Down 0.6 %

ABBV stock opened at $161.72 on Thursday. The company has a market capitalization of $286.35 billion, a PE ratio of 47.99, a price-to-earnings-growth ratio of 2.04 and a beta of 0.58. AbbVie has a one year low of $130.96 and a one year high of $182.89. The company’s 50 day moving average price is $173.74 and its two-hundred day moving average price 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.

Hedge Funds Weigh In On AbbVie

Institutional investors have recently made changes to their positions in the business. Aua Capital Management LLC raised its stake in AbbVie by 20.2% during the 3rd quarter. Aua Capital Management LLC now owns 2,709 shares of the company’s stock worth $404,000 after acquiring an additional 455 shares during the period. Litman Gregory Wealth Management LLC purchased a new stake in AbbVie during the 3rd quarter valued at approximately $341,000. Hexagon Capital Partners LLC grew its holdings in AbbVie by 13.7% during the 3rd quarter. Hexagon Capital Partners LLC now owns 8,130 shares of the company’s stock valued at $1,212,000 after buying an additional 981 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in AbbVie by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 532,728 shares of the company’s stock valued at $79,408,000 after buying an additional 23,693 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in AbbVie by 1.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,532,290 shares of the company’s stock valued at $228,403,000 after buying an additional 20,333 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,233,546.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the 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 transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,233,546.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is owned by insiders.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) 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.