FY2024 Earnings Estimate for AbbVie Inc. (NYSE:ABBV) Issued By Cantor Fitzgerald

AbbVie Inc. (NYSE:ABBV) – Equities research analysts at Cantor Fitzgerald decreased their FY2024 EPS estimates for AbbVie in a research note issued on Monday, July 8th. Cantor Fitzgerald analyst L. Chen now anticipates that the company will earn $10.61 per share for the year, down from their prior forecast of $11.13. Cantor Fitzgerald has a “Overweight” rating and a $200.00 price objective on the stock. The consensus estimate for AbbVie’s current full-year earnings is $10.61 per share.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the prior year, the company earned $2.46 earnings per share. The company’s revenue was up .7% compared to the same quarter last year.

Several other equities analysts also recently issued reports on the stock. BMO Capital Markets reduced their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Tuesday, July 2nd. Finally, Guggenheim raised their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $181.07.

AbbVie Stock Performance

NYSE:ABBV opened at $168.14 on Tuesday. AbbVie has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The stock has a market cap of $296.91 billion, a PE ratio of 49.89, a price-to-earnings-growth ratio of 2.26 and a beta of 0.64. The firm’s fifty day simple moving average is $164.92 and its 200-day simple moving average is $168.27.

Institutional Trading of AbbVie

A number of large investors have recently bought and sold shares of ABBV. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after acquiring an additional 9,978,415 shares during the period. Capital International Investors increased its stake in shares of AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares during the period. Capital Research Global Investors increased its position in shares of AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after acquiring an additional 992,496 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of AbbVie by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after buying an additional 1,702,415 shares during the period. Finally, Norges Bank purchased a new position in AbbVie during the 4th quarter valued at $3,229,888,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Monday, July 15th. AbbVie’s dividend payout ratio is 183.98%.

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.