FY2024 EPS Estimates for AbbVie Increased by Leerink Partnrs

AbbVie Inc. (NYSE:ABBV) – Analysts at Leerink Partnrs boosted their FY2024 earnings per share estimates for shares of AbbVie in a research report issued to clients and investors on Wednesday, October 30th. Leerink Partnrs analyst D. Risinger now forecasts that the company will post earnings per share of $10.94 for the year, up from their previous estimate of $10.84. The consensus estimate for AbbVie’s current full-year earnings is $10.95 per share.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.95 EPS.

Other equities analysts have also recently issued reports about the stock. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Morgan Stanley upped their target price on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Bank of America boosted their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Citigroup raised their price objective on AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, BMO Capital Markets increased their price target on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $201.00.

AbbVie Stock Down 1.5 %

Shares of ABBV stock opened at $200.47 on Monday. The firm’s fifty day moving average price is $194.18 and its two-hundred day moving average price is $179.85. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie has a 1 year low of $135.85 and a 1 year high of $207.32. The firm has a market capitalization of $354.10 billion, a P/E ratio of 69.61, a PEG ratio of 2.78 and a beta of 0.63.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.27%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 227.78%.

Institutional Trading of AbbVie

Institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. bought a new stake in AbbVie during the 1st quarter valued at about $646,000. Quent Capital LLC raised its holdings in AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after purchasing an additional 283 shares during the period. FinTrust Capital Advisors LLC lifted its position in AbbVie by 1.9% during the first quarter. FinTrust Capital Advisors LLC now owns 11,764 shares of the company’s stock valued at $2,142,000 after purchasing an additional 225 shares in the last quarter. Baron Silver Stevens Financial Advisors LLC grew its holdings in AbbVie by 33.1% during the first quarter. Baron Silver Stevens Financial Advisors LLC now owns 2,535 shares of the company’s stock valued at $462,000 after purchasing an additional 631 shares during the period. Finally, Magnolia Capital Advisors LLC increased its position in AbbVie by 41.8% in the first quarter. Magnolia Capital Advisors LLC now owns 4,885 shares of the company’s stock worth $813,000 after buying an additional 1,441 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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.