Research Analysts Set Expectations for AbbVie Q3 Earnings

AbbVie Inc. (NYSE:ABBV - Free Report) - Investment analysts at Zacks Research decreased their Q3 2024 EPS estimates for AbbVie in a research note issued to investors on Thursday, October 17th. Zacks Research analyst S. Ganoria now expects that the company will post earnings per share of $2.88 for the quarter, down from their previous estimate of $2.92. The consensus estimate for AbbVie's current full-year earnings is $10.85 per share. Zacks Research also issued estimates for AbbVie's FY2024 earnings at $10.81 EPS.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating 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 business had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.02 billion. During the same quarter in the previous year, the business earned $2.91 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year.

Other research analysts also recently issued research reports about the stock. Morgan Stanley upped their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an "overweight" rating in a research note on Monday, August 12th. Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday. They set a "market perform" rating and a $203.00 target price on the stock. Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the stock an "overweight" rating in a research note on Friday, July 26th. UBS Group increased their price objective on AbbVie from $185.00 to $195.00 and gave the company a "neutral" rating in a research report on Wednesday, October 9th. Finally, William Blair raised AbbVie to a "strong-buy" rating in a research report on Friday, August 30th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued 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 target price of $198.47.

AbbVie Stock Down 1.2 %

AbbVie stock traded down $2.24 during mid-day trading on Monday, reaching $186.62. The stock had a trading volume of 4,496,405 shares, compared to its average volume of 5,296,444. AbbVie has a one year low of $135.85 and a one year high of $199.95. The company has a 50-day moving average price of $194.37 and a two-hundred day moving average price of $177.88. The company has a market capitalization of $329.55 billion, a price-to-earnings ratio of 55.38, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Tuesday, October 15th. AbbVie's dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The stock was 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. West Coast Financial LLC grew its holdings in AbbVie by 9.7% during the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company's stock valued at $287,000 after buying an additional 140 shares in the last quarter. FCG Investment Co bought a new stake in AbbVie in the first quarter worth $1,413,000. BluePath Capital Management LLC raised its stake in AbbVie by 0.9% during the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company's stock valued at $1,331,000 after purchasing an additional 67 shares in the last quarter. Palisade Asset Management LLC raised its stake in AbbVie by 65.6% during the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company's stock valued at $17,726,000 after purchasing an additional 38,562 shares in the last quarter. Finally, First Hawaiian Bank lifted its position in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company's stock valued at $5,506,000 after purchasing an additional 2,657 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

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.