Leerink Partnrs Issues Negative Outlook for AbbVie Earnings

AbbVie Inc. (NYSE:ABBV) – Research analysts at Leerink Partnrs decreased their Q3 2024 EPS estimates for shares of AbbVie in a research note issued on Tuesday, October 22nd. Leerink Partnrs analyst D. Risinger now anticipates that the company will earn $2.92 per share for the quarter, down from their previous estimate of $2.97. The consensus estimate for AbbVie’s current full-year earnings is $10.85 per share. Leerink Partnrs also issued estimates for AbbVie’s FY2024 earnings at $10.84 EPS, FY2027 earnings at $15.06 EPS and FY2028 earnings at $16.30 EPS.

Several other research firms also recently weighed in on ABBV. Sanford C. Bernstein assumed coverage on AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Morgan Stanley lifted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. BMO Capital Markets upped their target price on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Barclays raised their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Truist Financial upped their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $198.47.

AbbVie Price Performance

ABBV stock opened at $189.68 on Wednesday. The business’s fifty day moving average price is $194.22 and its 200 day moving average price is $178.08. AbbVie has a 12-month low of $135.85 and a 12-month high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market capitalization of $334.95 billion, a PE ratio of 56.28, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the firm earned $2.91 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year.

Institutional Trading of AbbVie

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in shares of AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter worth $27,000. Quest Partners LLC grew its position in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in AbbVie in the first quarter valued at $37,000. Finally, Marquette Asset Management LLC purchased a new stake in shares of AbbVie in the third quarter valued at about $39,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.27%. AbbVie’s dividend payout ratio is currently 183.98%.

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.