AbbVie Inc. to Post Q3 2024 Earnings of $2.92 Per Share, Zacks Research Forecasts (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Analysts at Zacks Research increased their Q3 2024 earnings per share (EPS) estimates for shares of AbbVie in a research report issued on Tuesday, August 13th. Zacks Research analyst S. Ganoria now anticipates that the company will post earnings per share of $2.92 for the quarter, up from their prior estimate of $2.87. The consensus estimate for AbbVie’s current full-year earnings is $10.87 per share. Zacks Research also issued estimates for AbbVie’s Q4 2024 earnings at $2.97 EPS, Q1 2025 earnings at $2.68 EPS, Q3 2025 earnings at $3.01 EPS, Q4 2025 earnings at $3.19 EPS, FY2025 earnings at $11.86 EPS, Q1 2026 earnings at $2.85 EPS, Q2 2026 earnings at $3.29 EPS and FY2026 earnings at $13.03 EPS.

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

Several other research firms have also recently weighed in on ABBV. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Barclays increased their price objective on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.29.

AbbVie Trading Up 0.3 %

Shares of ABBV opened at $193.90 on Friday. AbbVie has a 1-year low of $135.85 and a 1-year high of $194.99. The firm has a market capitalization of $342.40 billion, a price-to-earnings ratio of 57.54, a PEG ratio of 2.49 and a beta of 0.64. The firm’s 50-day moving average price is $176.05 and its 200-day moving average price is $172.20. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

Hedge Funds Weigh In On AbbVie

Hedge funds and other institutional investors have recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie during the 4th quarter valued at about $26,000. Fairway Wealth LLC bought a new stake in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the second quarter valued at approximately $27,000. Able Wealth Management LLC purchased a new stake in AbbVie during the fourth quarter valued at approximately $33,000. Finally, IFS Advisors LLC bought a new position in AbbVie in the first quarter worth approximately $36,000. 70.23% of the stock is owned by institutional investors.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a $1.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. AbbVie’s dividend payout ratio is presently 183.98%.

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.