Leerink Partnrs Forecasts Stronger Earnings for AbbVie

AbbVie Inc. (NYSE:ABBV) – Leerink Partnrs boosted their FY2024 EPS estimates for shares of AbbVie in a report released on Wednesday, October 30th. Leerink Partnrs analyst D. Risinger now expects that the company will post earnings of $10.94 per share for the year, up from their prior forecast of $10.84. The consensus estimate for AbbVie’s current full-year earnings is $10.97 per share.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.95 earnings per share.

ABBV has been the topic of several other research reports. Morgan Stanley lifted their target price on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Sanford C. Bernstein assumed coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

AbbVie Stock Up 0.6 %

ABBV opened at $201.69 on Monday. The company has a market capitalization of $356.25 billion, a PE ratio of 70.03, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. The business has a 50-day moving average of $194.29 and a 200-day moving average of $180.10. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $207.32.

Institutional Trading of AbbVie

A number of large investors have recently added to or reduced their stakes in ABBV. Fairway Wealth LLC acquired a new position in AbbVie in the 2nd quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the 2nd quarter worth $27,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. Marquette Asset Management LLC acquired a new position in shares of AbbVie in the third quarter valued at about $39,000. Finally, Burkett Financial Services LLC raised its stake in AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.25%. AbbVie’s payout ratio is 215.28%.

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.