FY2024 Earnings Estimate for AbbVie Issued By Zacks Research

AbbVie Inc. (NYSE:ABBV - Free Report) - Research analysts at Zacks Research boosted their FY2024 earnings per share (EPS) estimates for shares of AbbVie in a report released on Wednesday, November 20th. Zacks Research analyst S. Ganoria now forecasts that the company will earn $10.93 per share for the year, up from their previous estimate of $10.81. The consensus estimate for AbbVie's current full-year earnings is $10.95 per share.

A number of other analysts have also recently issued reports on ABBV. Bank of America increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research note on Friday, October 18th. Morgan Stanley lowered their target price on shares of AbbVie from $231.00 to $224.00 and set an "overweight" rating on the stock in a report on Tuesday, November 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Argus upgraded AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Finally, William Blair upgraded AbbVie to a "strong-buy" rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $203.50.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $0.11 during midday trading on Monday, hitting $177.06. 12,463,226 shares of the stock traded hands, compared to its average volume of 5,551,124. AbbVie has a one year low of $137.65 and a one year high of $207.32. The firm has a 50-day moving average of $189.47 and a two-hundred day moving average of $181.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market capitalization of $312.89 billion, a P/E ratio of 61.48, a PEG ratio of 2.16 and a beta of 0.63.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating 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 business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the business earned $2.95 EPS. AbbVie's revenue was up 3.8% compared to the same quarter last year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Wednesday, January 15th. This is an increase from AbbVie's previous quarterly dividend of $1.55. AbbVie's dividend payout ratio is 227.78%.

Institutional Investors Weigh In On AbbVie

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABBV. State Street Corp boosted its holdings in AbbVie by 1.6% in the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company's stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of AbbVie by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company's stock worth $2,620,382,000 after acquiring an additional 134,239 shares during the last quarter. FMR LLC boosted its position in shares of AbbVie by 3.9% during the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company's stock worth $2,691,732,000 after purchasing an additional 511,470 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in AbbVie by 6.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company's stock valued at $2,009,542,000 after purchasing an additional 582,953 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in AbbVie by 4.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company's stock valued at $1,842,642,000 after purchasing an additional 373,802 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

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.