Brokers Offer Predictions for AbbVie Inc.’s Q2 2024 Earnings (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Analysts at Leerink Partnrs raised their Q2 2024 earnings per share (EPS) estimates for AbbVie in a research note issued to investors on Monday, April 29th. Leerink Partnrs analyst D. Risinger now forecasts that the company will post earnings per share of $3.02 for the quarter, up from their prior estimate of $2.84. The consensus estimate for AbbVie’s current full-year earnings is $11.29 per share. Leerink Partnrs also issued estimates for AbbVie’s FY2024 earnings at $11.30 EPS and FY2026 earnings at $13.13 EPS.

Other analysts also recently issued reports about the company. Truist Financial boosted their price target on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Barclays cut their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. BMO Capital Markets cut their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Finally, Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.31.

AbbVie Stock Up 1.9 %

ABBV stock opened at $163.81 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The firm has a market capitalization of $290.05 billion, a PE ratio of 48.61, a PEG ratio of 2.04 and a beta of 0.61. AbbVie has a 1-year low of $130.96 and a 1-year high of $182.89. The business’s 50 day simple moving average is $173.42 and its 200 day simple moving average is $161.10.

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 analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. AbbVie’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.46 EPS.

AbbVie Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other news, CFO Scott T. Reents sold 14,140 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the transaction, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of AbbVie stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the sale, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction that occurred on 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 of the company’s stock, valued at $1,233,546.95. The disclosure for this sale can be found here. Insiders have sold 383,324 shares of company stock worth $67,780,003 over the last 90 days. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $26,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth $36,000. Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth $37,000. Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter valued at $33,000. Finally, Valued Wealth Advisors LLC lifted its position in AbbVie by 111.1% during the first quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock valued at $42,000 after purchasing an additional 120 shares during the period. Institutional investors own 70.23% of the company’s stock.

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.