Q2 2024 Earnings Forecast for AbbVie Inc. Issued By William Blair (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Investment analysts at William Blair upped their Q2 2024 earnings per share (EPS) estimates for AbbVie in a research note issued to 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 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.

Several other equities analysts also recently issued reports on the company. Guggenheim lifted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Barclays cut their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday. BMO Capital Markets decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday. Truist Financial boosted 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. Finally, Raymond James upped their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $174.31.

AbbVie Stock Up 0.7 %

Shares of ABBV opened at $162.69 on Tuesday. The company has a market capitalization of $288.07 billion, a P/E ratio of 48.28, a PEG ratio of 2.03 and a beta of 0.58. AbbVie has a one year low of $130.96 and a one year high of $182.89. The business’s 50 day simple moving average is $174.01 and its 200-day simple moving average is $161.10. 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 (NYSE:ABBV) last announced its quarterly 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 firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $2.46 EPS.

AbbVie Dividend Announcement

The firm 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. This represents a $6.20 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Friday, April 12th. AbbVie’s payout ratio is 183.98%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction 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 completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’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 transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. 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 90 days. 0.25% of the stock is owned by company insiders.

Institutional Trading of AbbVie

Hedge funds have recently added to or reduced their stakes in the business. Modus Advisors LLC lifted its stake in AbbVie by 1.6% in the third quarter. Modus Advisors LLC now owns 22,215 shares of the company’s stock valued at $3,311,000 after buying an additional 341 shares in the last quarter. Avion Wealth lifted its position in AbbVie by 17.1% in the 3rd quarter. Avion Wealth now owns 547 shares of the company’s stock valued at $80,000 after acquiring an additional 80 shares in the last quarter. Bfsg LLC boosted its stake in AbbVie by 3.9% in the 3rd quarter. Bfsg LLC now owns 26,158 shares of the company’s stock worth $3,899,000 after purchasing an additional 993 shares during the period. Avestar Capital LLC increased its holdings in AbbVie by 34.6% during the 3rd quarter. Avestar Capital LLC now owns 7,456 shares of the company’s stock worth $1,111,000 after purchasing an additional 1,916 shares in the last quarter. Finally, Lake Street Financial LLC raised its stake in shares of AbbVie by 2.9% in the 3rd quarter. Lake Street Financial LLC now owns 31,054 shares of the company’s stock valued at $4,728,000 after purchasing an additional 885 shares during the period. 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.