AbbVie Inc. (NYSE:ABBV) to Post FY2024 Earnings of $10.61 Per Share, Cantor Fitzgerald Forecasts

AbbVie Inc. (NYSE:ABBVFree Report) – Equities research analysts at Cantor Fitzgerald cut their FY2024 earnings estimates for shares of AbbVie in a note issued to investors on Monday, July 8th. Cantor Fitzgerald analyst L. Chen now expects that the company will earn $10.61 per share for the year, down from their previous forecast of $11.13. Cantor Fitzgerald currently has a “Overweight” rating and a $200.00 target price on the stock. The consensus estimate for AbbVie’s current full-year earnings is $10.61 per share.

AbbVie (NYSE:ABBVGet Free Report) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter last year, the business posted $2.46 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Barclays decreased their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Finally, Guggenheim raised their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

View Our Latest Research Report on ABBV

AbbVie Stock Performance

Shares of AbbVie stock opened at $168.14 on Tuesday. The business’s fifty day simple moving average is $164.92 and its 200 day simple moving average is $168.27. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie has a 12 month low of $132.70 and a 12 month high of $182.89. The firm has a market capitalization of $296.91 billion, a P/E ratio of 49.89, a price-to-earnings-growth ratio of 2.26 and a beta of 0.64.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the fourth quarter worth about $26,000. Able Wealth Management LLC purchased a new stake in AbbVie in the fourth quarter worth approximately $33,000. IFS Advisors LLC purchased a new stake in AbbVie in the first quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie during the 4th quarter valued at $37,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie in the first quarter worth about $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for AbbVie (NYSE:ABBV)

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