AbbVie Inc. (NYSE:ABBV) to Post Q1 2024 Earnings of $2.21 Per Share, William Blair Forecasts

AbbVie Inc. (NYSE:ABBV) – Equities researchers at William Blair issued their Q1 2024 earnings per share estimates for AbbVie in a research note issued on Wednesday, April 17th. William Blair analyst T. Lugo forecasts that the company will post earnings of $2.21 per share for the quarter. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for AbbVie’s current full-year earnings is $11.18 per share. William Blair also issued estimates for AbbVie’s FY2024 earnings at $11.06 EPS.

ABBV has been the topic of several other reports. Raymond James upped their price target on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Guggenheim boosted their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Barclays boosted their target price on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. Truist Financial boosted their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Finally, BMO Capital Markets upped their price target on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $177.43.

AbbVie Stock Up 0.2 %

NYSE:ABBV opened at $164.66 on Friday. The firm has a market capitalization of $291.56 billion, a price-to-earnings ratio of 60.32, a PEG ratio of 2.11 and a beta of 0.58. AbbVie has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The business’s fifty day moving average price is $175.59 and its 200 day moving average price is $159.97.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.03. The firm had revenue of $14.30 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. AbbVie’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.60 earnings per share.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.77%. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the transaction, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Large investors have recently bought and sold shares of the business. Altfest L J & Co. Inc. grew its position in AbbVie by 0.9% during the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock worth $3,480,000 after acquiring an additional 215 shares during the last quarter. Torray Investment Partners LLC boosted its position in AbbVie by 13.0% in the 3rd quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after buying an additional 2,446 shares during the last quarter. Retirement Planning Co of New England Inc. boosted its position in AbbVie by 21.3% in the 3rd quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after buying an additional 4,633 shares during the last quarter. Amplius Wealth Advisors LLC boosted its position in AbbVie by 17.6% in the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after buying an additional 400 shares during the last quarter. Finally, Synovus Financial Corp boosted its position in AbbVie by 5.4% in the 3rd quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock valued at $17,709,000 after buying an additional 6,139 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

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.