Leerink Swann Brokers Boost Earnings Estimates for AbbVie Inc (NYSE:ABBV)

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AbbVie Inc (NYSE:ABBV) – Equities researchers at Leerink Swann lifted their Q3 2018 earnings per share (EPS) estimates for shares of AbbVie in a report issued on Monday, October 15th, according to Zacks Investment Research. Leerink Swann analyst G. Porges now expects that the company will earn $2.03 per share for the quarter, up from their prior forecast of $2.02. Leerink Swann also issued estimates for AbbVie’s Q4 2018 earnings at $2.09 EPS, FY2018 earnings at $8.01 EPS, FY2019 earnings at $9.06 EPS, FY2020 earnings at $9.66 EPS and FY2021 earnings at $10.32 EPS.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.13. The company had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.23 billion. AbbVie had a net margin of 23.50% and a return on equity of 671.60%. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.41 EPS.

ABBV has been the subject of several other reports. Credit Suisse Group set a $85.00 price objective on shares of AbbVie and gave the company a “sell” rating in a research report on Saturday, October 20th. Bank of America lowered their price objective on shares of AbbVie from $112.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, July 30th. BMO Capital Markets lowered their price objective on shares of AbbVie from $78.00 to $71.00 and set an “underperform” rating for the company in a research report on Monday, November 5th. Cowen set a $110.00 price target on shares of AbbVie and gave the company a “buy” rating in a report on Friday, July 27th. Finally, Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. Five analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. AbbVie has a consensus rating of “Hold” and an average price target of $103.68.

AbbVie stock traded up $1.06 during trading hours on Wednesday, hitting $88.79. The company had a trading volume of 9,169,326 shares, compared to its average volume of 7,708,477. The stock has a market cap of $131.68 billion, a price-to-earnings ratio of 15.86, a price-to-earnings-growth ratio of 0.82 and a beta of 1.62. The company has a debt-to-equity ratio of 8.70, a current ratio of 0.80 and a quick ratio of 0.71. AbbVie has a 1 year low of $77.50 and a 1 year high of $125.86.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Smith Chas P & Associates PA Cpas purchased a new stake in AbbVie during the 3rd quarter worth approximately $243,000. Baldwin Investment Management LLC grew its position in AbbVie by 3.7% during the 3rd quarter. Baldwin Investment Management LLC now owns 27,168 shares of the company’s stock worth $2,570,000 after purchasing an additional 975 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in AbbVie by 4.6% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 390,568 shares of the company’s stock worth $38,320,000 after purchasing an additional 17,020 shares during the last quarter. Gratus Capital LLC grew its position in AbbVie by 3.3% during the 3rd quarter. Gratus Capital LLC now owns 85,392 shares of the company’s stock worth $8,076,000 after purchasing an additional 2,691 shares during the last quarter. Finally, FMR LLC grew its position in AbbVie by 22.1% during the 3rd quarter. FMR LLC now owns 8,707,454 shares of the company’s stock worth $823,551,000 after purchasing an additional 1,574,495 shares during the last quarter. Hedge funds and other institutional investors own 69.43% of the company’s stock.

In related news, EVP Michael Severino sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the completion of the transaction, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.07% of the company’s stock.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a $1.07 dividend. The ex-dividend date is Monday, January 14th. This represents a $4.28 annualized dividend and a dividend yield of 4.82%. This is a positive change from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s payout ratio is currently 68.57%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

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Earnings History and Estimates for AbbVie (NYSE:ABBV)

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