AbbVie Inc. Expected to Post FY2024 Earnings of $11.02 Per Share (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Analysts at Zacks Research decreased their FY2024 earnings estimates for shares of AbbVie in a report issued on Tuesday, April 9th. Zacks Research analyst S. Ganoria now expects that the company will earn $11.02 per share for the year, down from their previous estimate of $11.10. The consensus estimate for AbbVie’s current full-year earnings is $11.10 per share.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the business posted $3.60 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis.

A number of other analysts have also recently weighed in on ABBV. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. HSBC cut shares of AbbVie from a “buy” rating to a “hold” rating and decreased their price target for the stock from $167.00 to $156.00 in a research note on Monday, December 18th. Truist Financial increased their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Raymond James increased their price target on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, BMO Capital Markets raised their target price on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. 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 company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $177.43.

AbbVie Stock Down 0.7 %

Shares of NYSE:ABBV opened at $168.99 on Thursday. The stock has a market cap of $299.22 billion, a P/E ratio of 61.90, a P/E/G ratio of 2.17 and a beta of 0.58. The firm has a fifty day moving average price of $176.55 and a 200 day moving average price of $159.55. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. AbbVie has a 1-year low of $130.96 and a 1-year high of $182.89.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is presently 227.11%.

Insider Buying and Selling

In related news, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The disclosure for this sale can be found here. Insiders have sold 383,324 shares of company stock valued at $67,780,003 over the last quarter. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On AbbVie

Large investors have recently added to or reduced their stakes in the business. Altfest L J & Co. Inc. grew its stake in shares of AbbVie by 0.9% in the third quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock valued at $3,480,000 after buying an additional 215 shares in the last quarter. Torray Investment Partners LLC grew its stake in shares of AbbVie by 13.0% in the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after buying an additional 2,446 shares in the last quarter. Retirement Planning Co of New England Inc. grew its stake in shares of AbbVie by 21.3% in the third quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after buying an additional 4,633 shares in the last quarter. Amplius Wealth Advisors LLC grew its stake in shares of AbbVie by 17.6% in the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after buying an additional 400 shares in the last quarter. Finally, Synovus Financial Corp boosted its holdings in AbbVie by 5.4% in the third quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock valued at $17,709,000 after purchasing an additional 6,139 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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.