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

AbbVie Inc. (NYSE:ABBV - Free Report) - Analysts at William Blair issued their Q1 2024 earnings per share (EPS) estimates for AbbVie in a report issued on Wednesday, April 17th. William Blair analyst T. Lugo anticipates that the company will post earnings of $2.21 per share for the quarter. William Blair 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 subject of a number of other reports. Guggenheim lifted 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. BMO Capital Markets lifted their target price on AbbVie from $187.00 to $195.00 and gave the company an "outperform" rating in a research note on Monday, February 5th. Barclays boosted their price objective on AbbVie from $185.00 to $195.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 27th. Truist Financial boosted their price objective on AbbVie from $180.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, February 6th. Finally, Raymond James boosted their price objective on AbbVie from $181.00 to $189.00 and gave the stock an "outperform" rating in a research report on Monday, February 5th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $177.43.

AbbVie Stock Performance

ABBV stock traded up $1.76 during midday trading on Friday, reaching $166.42. The company had a trading volume of 5,532,409 shares, compared to its average volume of 5,636,134. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The stock has a 50 day moving average price of $175.44 and a 200 day moving average price of $160.10. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The firm has a market capitalization of $294.67 billion, a PE ratio of 60.96, a P/E/G ratio of 2.11 and a beta of 0.58.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie's dividend payout ratio (DPR) is currently 227.11%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business's stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the sale, the executive vice president now directly owns 243,944 shares of the company's stock, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business's stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at approximately $42,375,512.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Scott T. Reents sold 14,140 shares of the business's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the transaction, the chief financial officer now owns 27,065 shares in the company, valued at $4,802,413.60. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 in the last three months. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AbbVie

Several institutional investors and hedge funds have recently modified their holdings of the stock. Lokken Investment Group LLC raised its position in AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company's stock worth $258,000 after purchasing an additional 58 shares in the last quarter. Aspen Wealth Strategies LLC raised its position in AbbVie by 0.5% in the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company's stock worth $1,776,000 after purchasing an additional 61 shares in the last quarter. Marks Group Wealth Management Inc raised its position in AbbVie by 2.9% in the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company's stock worth $349,000 after purchasing an additional 63 shares in the last quarter. Spinnaker Investment Group LLC grew its stake in AbbVie by 1.6% during the first quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company's stock worth $741,000 after buying an additional 64 shares during the last quarter. Finally, Avion Wealth grew its stake in AbbVie by 11.9% during the fourth quarter. Avion Wealth now owns 612 shares of the company's stock worth $95,000 after buying an additional 65 shares during 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.