Brokers Issue Forecasts for AbbVie’s Q3 Earnings (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Equities research analysts at Zacks Research reduced their Q3 2024 earnings estimates for AbbVie in a research note issued on Thursday, October 17th. Zacks Research analyst S. Ganoria now expects that the company will earn $2.88 per share for the quarter, down from their previous estimate of $2.92. The consensus estimate for AbbVie’s current full-year earnings is $10.85 per share. Zacks Research also issued estimates for AbbVie’s FY2024 earnings at $10.81 EPS.

Several other analysts have also recently commented on ABBV. Truist Financial lifted their price target on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. UBS Group boosted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Finally, BMO Capital Markets upped their price objective on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.47.

AbbVie Stock Performance

AbbVie stock opened at $188.78 on Monday. The stock has a fifty day moving average price of $194.32 and a 200 day moving average price of $178.01. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95. The firm has a market capitalization of $333.36 billion, a P/E ratio of 56.02, a PEG ratio of 2.66 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the previous year, the firm posted $2.91 EPS. AbbVie’s revenue was up 4.3% on a year-over-year basis.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On AbbVie

Several hedge funds and other institutional investors have recently modified their holdings of ABBV. International Assets Investment Management LLC grew its stake in AbbVie by 1,745.0% in the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after purchasing an additional 4,471,806 shares in the last quarter. Capital Investment Counsel Inc lifted its holdings in AbbVie by 5.5% during the 3rd quarter. Capital Investment Counsel Inc now owns 1,329 shares of the company’s stock worth $262,000 after buying an additional 69 shares during the last quarter. Axecap Investments LLC acquired a new position in shares of AbbVie in the 3rd quarter worth approximately $4,312,000. McAdam LLC grew its position in shares of AbbVie by 0.9% in the 3rd quarter. McAdam LLC now owns 17,377 shares of the company’s stock worth $3,432,000 after acquiring an additional 156 shares in the last quarter. Finally, RAM Investment Partners LLC increased its holdings in shares of AbbVie by 1.1% in the 3rd quarter. RAM Investment Partners LLC now owns 5,278 shares of the company’s stock valued at $1,042,000 after acquiring an additional 59 shares during the last quarter. 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.