FY2024 EPS Estimates for AbbVie Inc. (NYSE:ABBV) Increased by Analyst

AbbVie Inc. (NYSE:ABBV) – Analysts at William Blair lifted their FY2024 EPS estimates for shares of AbbVie in a report issued on Monday, April 29th. William Blair analyst T. Lugo now anticipates that the company will post earnings of $11.31 per share for the year, up from their previous forecast of $11.06. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for AbbVie’s current full-year earnings is $11.27 per share. William Blair also issued estimates for AbbVie’s FY2025 earnings at $12.04 EPS.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same period in the prior year, the company posted $2.46 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis.

A number of other research analysts have also issued reports on the company. Truist Financial increased their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Raymond James lifted their target price 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. Barclays reduced their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday. BMO Capital Markets cut their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Guggenheim increased their price objective on 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.31.

AbbVie Stock Performance

Shares of ABBV stock opened at $161.72 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. AbbVie has a 12-month low of $130.96 and a 12-month high of $182.89. The business’s 50 day moving average is $173.74 and its two-hundred day moving average is $161.10. The company has a market capitalization of $286.35 billion, a P/E ratio of 47.99, a P/E/G ratio of 2.04 and a beta of 0.58.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in AbbVie by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock valued at $23,961,001,000 after acquiring an additional 1,450,089 shares in the last quarter. Capital International Investors increased its stake in AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares during the period. Morgan Stanley increased its stake in AbbVie by 2.9% during the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock worth $4,796,085,000 after buying an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after buying an additional 1,702,415 shares in the last quarter. Finally, Northern Trust Corp boosted its position in AbbVie by 2.3% in the 3rd quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock valued at $3,269,822,000 after buying an additional 491,391 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Scott T. Reents sold 14,140 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the transaction, the chief financial officer now owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s 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 directly owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Scott T. Reents sold 14,140 shares of AbbVie stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is currently owned by company insiders.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders 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 3.83%. The ex-dividend date is Friday, April 12th. AbbVie’s payout ratio is presently 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.