FY2024 Earnings Forecast for AbbVie Issued By Zacks Research

AbbVie Inc. (NYSE:ABBV) – Equities researchers at Zacks Research cut their FY2024 EPS estimates for AbbVie in a research note issued to investors on Wednesday, January 15th. Zacks Research analyst S. Ganoria now anticipates that the company will post earnings of $10.06 per share for the year, down from their prior forecast of $10.93. The consensus estimate for AbbVie’s current full-year earnings is $10.06 per share. Zacks Research also issued estimates for AbbVie’s Q4 2024 earnings at $2.10 EPS, Q4 2025 earnings at $3.21 EPS, FY2025 earnings at $11.94 EPS, Q4 2026 earnings at $3.53 EPS and FY2026 earnings at $13.21 EPS.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 244.01%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period last year, the firm earned $2.95 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year.

A number of other analysts have also recently weighed in on the company. TD Cowen upped their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. UBS Group upped their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. reduced their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Finally, Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective for the company. in a report on Thursday, December 5th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $205.50.

AbbVie Trading Down 1.3 %

ABBV stock opened at $171.49 on Friday. AbbVie has a 1-year low of $153.58 and a 1-year high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The business’s 50 day moving average is $175.78 and its 200-day moving average is $184.47. The firm has a market cap of $303.05 billion, a P/E ratio of 59.55, a P/E/G ratio of 1.73 and a beta of 0.58.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.83%. AbbVie’s payout ratio is currently 215.28%.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors have recently modified their holdings of the stock. Groupama Asset Managment grew its holdings in AbbVie by 40.3% during the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in shares of AbbVie in the 3rd quarter valued at $28,000. Retirement Wealth Solutions LLC bought a new stake in shares of AbbVie in the 4th quarter valued at $35,000. Quest Partners LLC raised its stake 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 buying an additional 207 shares during the period. Finally, Marquette Asset Management LLC acquired a new position in AbbVie in the third quarter valued at about $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.