What is Zacks Research’s Estimate for AbbVie Q3 Earnings?

AbbVie Inc. (NYSE:ABBV) – Stock analysts at Zacks Research cut their Q3 2024 earnings per share estimates for AbbVie in a report released on Thursday, October 17th. Zacks Research analyst S. Ganoria now forecasts that the company will post earnings of $2.88 per share for the quarter, down from their prior 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) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.91 EPS.

Other equities analysts have also recently issued research reports about the stock. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Truist Financial upped their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. TD Cowen increased 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. Finally, Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $198.47.

AbbVie Trading Down 1.2 %

Shares of ABBV stock opened at $186.62 on Monday. The stock has a market capitalization of $329.55 billion, a P/E ratio of 55.38, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a 50 day moving average price of $194.37 and a 200 day moving average price of $177.88.

Hedge Funds Weigh In On AbbVie

A number of institutional investors have recently modified their holdings of the business. City Holding Co. increased its position in AbbVie by 1.1% in the 1st quarter. City Holding Co. now owns 40,334 shares of the company’s stock valued at $7,345,000 after acquiring an additional 438 shares during the period. High Net Worth Advisory Group LLC increased its holdings in shares of AbbVie by 5.9% in the first quarter. High Net Worth Advisory Group LLC now owns 46,573 shares of the company’s stock valued at $8,481,000 after purchasing an additional 2,600 shares during the period. Anderson Hoagland & Co. raised its stake in shares of AbbVie by 8.9% during the first quarter. Anderson Hoagland & Co. now owns 2,651 shares of the company’s stock worth $448,000 after purchasing an additional 217 shares during the last quarter. True North Advisors LLC lifted its holdings in shares of AbbVie by 1.8% during the first quarter. True North Advisors LLC now owns 6,629 shares of the company’s stock worth $1,207,000 after purchasing an additional 118 shares during the period. Finally, Cherrydale Wealth Management LLC purchased a new position in AbbVie in the 1st quarter valued at $261,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by company insiders.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.32%. AbbVie’s dividend 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.