Q2 2024 EPS Estimates for AbbVie Inc. (NYSE:ABBV) Boosted by Leerink Partnrs

AbbVie Inc. (NYSE:ABBV - Free Report) - Leerink Partnrs increased their Q2 2024 earnings per share (EPS) estimates for AbbVie in a research note issued to investors on Monday, April 29th. Leerink Partnrs analyst D. Risinger now expects that the company will earn $3.02 per share for the quarter, up from their prior estimate of $2.84. The consensus estimate for AbbVie's current full-year earnings is $11.30 per share. Leerink Partnrs also issued estimates for AbbVie's FY2024 earnings at $11.30 EPS and FY2026 earnings at $13.13 EPS.

Several other research firms also recently weighed in on ABBV. William Blair upgraded AbbVie from a "market perform" rating to an "outperform" rating in a research report on Monday, January 29th. BMO Capital Markets cut their price objective on AbbVie from $195.00 to $180.00 and set an "outperform" rating for the company in a research note on Monday. Barclays reduced their target price on shares of AbbVie from $195.00 to $187.00 and set an "overweight" rating for the company in a report on Monday. Raymond James lifted their price target on shares of AbbVie from $181.00 to $189.00 and gave the company an "outperform" rating in a report on Monday, February 5th. Finally, Truist Financial increased their price objective on shares of AbbVie from $180.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $174.31.

AbbVie Stock Performance

Shares of ABBV stock traded down $0.87 during mid-day trading on Thursday, reaching $160.85. 5,903,054 shares of the company's stock traded hands, compared to its average volume of 5,658,262. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The firm has a market capitalization of $284.81 billion, a PE ratio of 47.73, a price-to-earnings-growth ratio of 2.04 and a beta of 0.61. AbbVie has a 12 month low of $130.96 and a 12 month high of $182.89. The firm has a 50 day moving average price of $173.42 and a two-hundred day moving average price of $161.10.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter last year, the firm posted $2.46 earnings per share. The firm's revenue was up .7% compared to the same quarter last year.

Hedge Funds Weigh In On AbbVie

Several hedge funds have recently added to or reduced their stakes in the company. Aua Capital Management LLC raised its holdings in shares of AbbVie by 20.2% in the 3rd quarter. Aua Capital Management LLC now owns 2,709 shares of the company's stock valued at $404,000 after purchasing an additional 455 shares in the last quarter. Litman Gregory Wealth Management LLC acquired a new stake in shares of AbbVie in the 3rd quarter worth $341,000. Hexagon Capital Partners LLC grew its stake in AbbVie by 13.7% during the 3rd quarter. Hexagon Capital Partners LLC now owns 8,130 shares of the company's stock worth $1,212,000 after buying an additional 981 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in AbbVie by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 532,728 shares of the company's stock valued at $79,408,000 after buying an additional 23,693 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in AbbVie by 1.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,532,290 shares of the company's stock valued at $228,403,000 after buying an additional 20,333 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 21,082 shares of the business's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the sale, the executive vice president now owns 55,903 shares in the company, valued at $9,855,698.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the sale, the executive vice president now owns 55,903 shares in the company, valued at approximately $9,855,698.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now directly owns 519,099 shares of the company's stock, valued at $92,020,679.73. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 in the last quarter. 0.25% of the stock is owned by corporate insiders.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie's payout ratio is presently 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.