AbbVie Inc. (NYSE:ABBV) to Post FY2024 Earnings of $11.31 Per Share, William Blair Forecasts

AbbVie Inc. (NYSE:ABBV) – William Blair increased their FY2024 earnings per share estimates for shares of AbbVie in a note issued to investors on Monday, April 29th. William Blair analyst T. Lugo now anticipates that the company will earn $11.31 per share for the year, up from their prior estimate of $11.06. William Blair has a “Outperform” rating on the stock. The consensus estimate for AbbVie’s current full-year earnings is $11.30 per share. William Blair also issued estimates for AbbVie’s FY2025 earnings at $12.04 EPS.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations 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 company earned $2.46 EPS.

Several other brokerages have also recently issued reports on ABBV. Guggenheim boosted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Raymond James upped their price target on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Truist Financial lifted their price objective on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. BMO Capital Markets dropped their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Barclays reduced their price target 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $174.31.

AbbVie Trading Down 0.5 %

Shares of ABBV stock opened at $160.85 on Wednesday. AbbVie has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The firm’s 50-day simple moving average is $173.42 and its 200-day simple moving average is $161.10. The firm has a market cap of $284.81 billion, a P/E ratio of 47.73, a PEG ratio of 2.04 and a beta of 0.61.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was 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 of the company’s stock, valued at approximately $42,375,512.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were 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 directly owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the completion of the sale, the executive vice president now owns 60,941 shares in the company, valued at approximately $10,895,641.39. 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. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. FAS Wealth Partners Inc. raised its stake in AbbVie by 2.6% during the third quarter. FAS Wealth Partners Inc. now owns 21,828 shares of the company’s stock worth $3,254,000 after acquiring an additional 555 shares during the period. Mcdaniel Terry & Co. lifted its holdings in shares of AbbVie by 21.6% in the 3rd quarter. Mcdaniel Terry & Co. now owns 17,983 shares of the company’s stock worth $2,680,000 after purchasing an additional 3,197 shares during the last quarter. Innova Wealth Partners boosted its position in AbbVie by 11.6% during the 3rd quarter. Innova Wealth Partners now owns 4,543 shares of the company’s stock valued at $677,000 after purchasing an additional 471 shares during the period. Scissortail Wealth Management LLC bought a new position in AbbVie during the 3rd quarter worth $203,000. Finally, Moreno Evelyn V increased its position in AbbVie by 47.1% in the third quarter. Moreno Evelyn V now owns 4,686 shares of the company’s stock worth $698,000 after buying an additional 1,500 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.