FY2024 Earnings Forecast for AbbVie Issued By Zacks Research

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

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.95 EPS.

Several other equities analysts also recently issued reports on ABBV. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday. Wolfe Research began coverage on AbbVie in a research report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target on the stock. Guggenheim upped their target price on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $203.50.

AbbVie Stock Up 3.0 %

NYSE:ABBV opened at $176.95 on Monday. AbbVie has a one year low of $137.65 and a one year high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The company has a market cap of $312.70 billion, a PE ratio of 61.44, a P/E/G ratio of 2.09 and a beta of 0.63. The firm’s 50 day simple moving average is $189.47 and its 200 day simple moving average is $181.32.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.71%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Anchor Investment Management LLC raised its position in AbbVie by 2.9% in the 3rd quarter. Anchor Investment Management LLC now owns 88,716 shares of the company’s stock valued at $17,520,000 after buying an additional 2,527 shares during the last quarter. Tudor Financial Inc. bought a new position in shares of AbbVie during the third quarter valued at about $445,000. Aldebaran Financial Inc. purchased a new position in AbbVie during the third quarter worth about $466,000. Morse Asset Management Inc grew its position in AbbVie by 2.4% in the 3rd quarter. Morse Asset Management Inc now owns 7,563 shares of the company’s stock worth $1,494,000 after purchasing an additional 175 shares in the last quarter. Finally, Westside Investment Management Inc. lifted its position in shares of AbbVie by 1.0% during the 3rd quarter. Westside Investment Management Inc. now owns 17,296 shares of the company’s stock worth $3,403,000 after buying an additional 171 shares in the last quarter. Institutional investors and hedge funds 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.