Q1 2024 EPS Estimates for AbbVie Inc. Decreased by Analyst (NYSE:ABBV)

Posted by Defense World Staff on Apr 8th, 2024

AbbVie Inc. (NYSE:ABBV – Free Report) – Equities researchers at Leerink Partnrs lowered their Q1 2024 earnings per share (EPS) estimates for AbbVie in a research report issued on Friday, April 5th. Leerink Partnrs analyst D. Risinger now expects that the company will post earnings per share of $2.22 for the quarter, down from their prior forecast of $2.32. The consensus estimate for AbbVie’s current full-year earnings is $11.12 per share. Leerink Partnrs also issued estimates for AbbVie’s Q2 2024 earnings at $2.84 EPS.

AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate 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 company posted $3.60 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year.

Several other analysts have also recently weighed in on ABBV. Raymond James lifted their price target on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. HSBC cut AbbVie from a “buy” rating to a “hold” rating and dropped their price objective for the company from $167.00 to $156.00 in a report on Monday, December 18th. Barclays lifted their price objective on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Truist Financial lifted their price objective on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Finally, BMO Capital Markets lifted their price objective on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. 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. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $177.43.

View Our Latest Stock Report on ABBV

AbbVie Stock Performance

Shares of NYSE ABBV opened at $170.00 on Monday. The company has a market capitalization of $301.01 billion, a P/E ratio of 62.27, a P/E/G ratio of 2.17 and a beta of 0.58. The stock has a 50 day moving average of $176.23 and a 200-day moving average of $159.25. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. AbbVie has a 12 month low of $130.96 and a 12 month high of $182.89.

Institutional Trading of AbbVie

Institutional investors and hedge funds have recently modified their holdings of the stock. Retirement Income Solutions Inc bought a new position in AbbVie during the first quarter valued at $204,000. Ergoteles LLC lifted its position in shares of AbbVie by 17.8% during the first quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after acquiring an additional 847 shares in the last quarter. First Western Trust Bank purchased a new stake in shares of AbbVie during the first quarter worth $1,150,000. Wsfs Capital Management LLC purchased a new stake in shares of AbbVie during the first quarter worth $562,000. Finally, Bridgewater Associates LP lifted its position in shares of AbbVie by 80.4% during the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after acquiring an additional 33,661 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other news, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the transaction, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Scott T. Reents sold 14,140 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the transaction, the chief financial officer now directly owns 27,065 shares in the company, valued at $4,802,413.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 383,324 shares of company stock worth $67,780,003. Insiders own 0.25% of the company’s stock.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.65%. AbbVie’s dividend payout ratio (DPR) is presently 227.11%.

AbbVie Company Profile

(Get Free Report)

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.

Earnings History and Estimates for AbbVie (NYSE:ABBV)

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