William Blair Brokers Increase Earnings Estimates for AbbVie Inc. (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Analysts at William Blair upped their Q4 2024 earnings estimates for AbbVie in a report released on Thursday, July 25th. William Blair analyst T. Lugo now anticipates that the company will post earnings of $3.04 per share for the quarter, up from their previous forecast of $3.03. The consensus estimate for AbbVie’s current full-year earnings is $10.79 per share.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.91 earnings per share.

ABBV has been the topic of several other research reports. Piper Sandler reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Tuesday, July 2nd. Truist Financial restated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Morgan Stanley increased their price objective on shares of AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Finally, Barclays increased their price objective on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $188.71.

AbbVie Trading Up 2.6 %

Shares of NYSE ABBV opened at $186.70 on Monday. The firm’s 50 day moving average price is $168.50 and its 200-day moving average price is $169.93. The company has a market cap of $329.69 billion, a PE ratio of 55.40, a P/E/G ratio of 2.35 and a beta of 0.64. AbbVie has a 52-week low of $135.85 and a 52-week high of $187.71. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.32%. AbbVie’s payout ratio is currently 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On AbbVie

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the 4th quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the 2nd quarter valued at about $27,000. Able Wealth Management LLC purchased a new position in AbbVie during the 4th quarter valued at about $33,000. IFS Advisors LLC purchased a new position in AbbVie during the 1st quarter valued at about $36,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new position in AbbVie during the 4th quarter valued at about $37,000. Institutional investors 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.