$6.97 Billion in Sales Expected for AbbVie Inc. (NYSE:ABBV) This Quarter
Wall Street brokerages expect that AbbVie Inc. (NYSE:ABBV) will post $6.97 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for AbbVie’s earnings. The highest sales estimate is $7.08 billion and the lowest is $6.85 billion. AbbVie posted sales of $6.43 billion during the same quarter last year, which would indicate a positive year over year growth rate of 8.4%. The company is expected to announce its next earnings results on Friday, October 27th.
On average, analysts expect that AbbVie will report full year sales of $6.97 billion for the current financial year, with estimates ranging from $27.68 billion to $27.98 billion. For the next year, analysts anticipate that the business will report sales of $30.68 billion per share, with estimates ranging from $30.03 billion to $32.15 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover AbbVie.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 154.76% and a net margin of 24.77%. The company had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the company posted $1.26 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year.
Several research analysts have weighed in on the company. BMO Capital Markets reaffirmed a “hold” rating and set a $63.00 price target on shares of AbbVie in a research report on Tuesday, April 18th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $85.00 price target on shares of AbbVie in a research report on Thursday, August 3rd. Vetr lowered AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price target on the stock. in a research report on Wednesday, June 14th. Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Finally, BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $75.35.
In other AbbVie news, Chairman Richard A. Gonzalez sold 87,899 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $71.02, for a total value of $6,242,586.98. Following the transaction, the chairman now directly owns 342,353 shares of the company’s stock, valued at approximately $24,313,910.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard A. Gonzalez sold 65,861 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total value of $4,676,131.00. Following the completion of the transaction, the chief executive officer now directly owns 342,353 shares in the company, valued at $24,307,063. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 600,026 shares of company stock worth $41,852,724. Insiders own 0.23% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Lebenthal Asset Management LLC raised its position in shares of AbbVie by 0.7% in the fourth quarter. Lebenthal Asset Management LLC now owns 149,940 shares of the company’s stock worth $9,389,000 after buying an additional 1,026 shares in the last quarter. RB Capital Management LLC purchased a new position in shares of AbbVie during the fourth quarter worth approximately $299,000. Pinnacle Financial Partners Inc. raised its position in shares of AbbVie by 4.3% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 75,426 shares of the company’s stock worth $4,723,000 after buying an additional 3,123 shares in the last quarter. First Light Asset Management LLC purchased a new position in shares of AbbVie during the fourth quarter worth approximately $260,000. Finally, Bridgeworth LLC purchased a new position in shares of AbbVie during the fourth quarter worth approximately $368,000. 67.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AbbVie (ABBV) traded up 0.35% during trading on Friday, reaching $71.47. The company’s stock had a trading volume of 4,398,003 shares. The stock’s 50 day moving average price is $72.12 and its 200 day moving average price is $66.41. The company has a market cap of $113.75 billion, a PE ratio of 17.58 and a beta of 1.50. AbbVie has a 52 week low of $55.06 and a 52 week high of $75.04. AbbVie also was the recipient of unusually large options trading on Monday. Traders acquired 278 put options on the stock. This is an increase of approximately 121% compared to the average volume of 126 put options.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s dividend payout ratio is 62.90%.
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AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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