AbbVie Inc. to Post Q2 2024 Earnings of $3.07 Per Share, William Blair Forecasts (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Analysts at William Blair lifted their Q2 2024 EPS estimates for shares of AbbVie in a report issued on Monday, April 29th. William Blair analyst T. Lugo now anticipates that the company will post earnings of $3.07 per share for the quarter, up from their previous forecast of $2.75. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for AbbVie’s current full-year earnings is $11.27 per share. William Blair also issued estimates for AbbVie’s Q3 2024 earnings at $2.86 EPS, Q4 2024 earnings at $3.03 EPS and FY2026 earnings at $13.29 EPS.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.46 earnings per share.

Other equities research analysts have also issued research reports about the stock. BMO Capital Markets dropped their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday. Barclays dropped their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday. Raymond James increased their target price 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. Truist Financial increased their target price 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. Finally, Guggenheim increased their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.31.

AbbVie Price Performance

Shares of NYSE ABBV opened at $161.72 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. AbbVie has a 52 week low of $130.96 and a 52 week high of $182.89. The firm has a 50-day simple moving average of $173.74 and a 200-day simple moving average of $161.10. The stock has a market capitalization of $286.35 billion, a price-to-earnings ratio of 47.99, a price-to-earnings-growth ratio of 2.04 and a beta of 0.58.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC purchased a new stake in AbbVie in the 4th quarter valued at about $26,000. Able Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter valued at about $33,000. IFS Advisors LLC purchased a new stake in AbbVie in the 1st quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. purchased a new stake in AbbVie in the 4th quarter valued at about $37,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Perry C. Siatis sold 13,753 shares of AbbVie stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.51, for a total value of $2,441,295.03. Following the transaction, the executive vice president now directly owns 28,173 shares of the company’s stock, valued at approximately $5,000,989.23. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 383,324 shares of company stock worth $67,780,003. Corporate insiders own 0.25% of the company’s stock.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.83%. AbbVie’s payout ratio is currently 183.98%.

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.