Leerink Partnrs Issues Positive Estimate for AbbVie Earnings

AbbVie Inc. (NYSE:ABBV) – Leerink Partnrs boosted their FY2024 EPS estimates for shares of AbbVie in a research report issued on Wednesday, October 30th. Leerink Partnrs analyst D. Risinger now forecasts that the company will post earnings per share of $10.94 for the year, up from their previous estimate of $10.84. The consensus estimate for AbbVie’s current full-year earnings is $10.95 per share.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the firm earned $2.95 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year.

A number of other brokerages also recently weighed in on ABBV. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Sanford C. Bernstein assumed coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. BMO Capital Markets boosted their price objective 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 target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Finally, Citigroup increased their price objective on AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $201.00.

AbbVie Trading Down 1.5 %

NYSE ABBV opened at $200.47 on Monday. AbbVie has a one year low of $135.85 and a one year high of $207.32. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market capitalization of $354.10 billion, a price-to-earnings ratio of 69.61, a price-to-earnings-growth ratio of 2.78 and a beta of 0.63. The company’s 50-day simple moving average is $194.18 and its two-hundred day simple moving average is $179.85.

Institutional Investors Weigh In On AbbVie

Hedge funds and other institutional investors have recently bought and sold shares of the business. 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 position in shares of AbbVie in the second quarter worth $27,000. Quest Partners LLC boosted its stake in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the last quarter. Marquette Asset Management LLC purchased a new stake in AbbVie during the 3rd quarter worth about $39,000. Finally, Burkett Financial Services LLC raised its stake in AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 227.78%.

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.