Zacks Research Weighs in on AbbVie Inc.’s Q2 2024 Earnings (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) – Research analysts at Zacks Research issued their Q2 2024 EPS estimates for shares of AbbVie in a report issued on Tuesday, July 23rd. Zacks Research analyst S. Ganoria forecasts that the company will post earnings of $2.56 per share for the quarter. The consensus estimate for AbbVie’s current full-year earnings is $10.78 per share. Zacks Research also issued estimates for AbbVie’s FY2024 earnings at $10.76 EPS, Q1 2025 earnings at $2.71 EPS, Q2 2025 earnings at $2.95 EPS, FY2025 earnings at $11.96 EPS, Q1 2026 earnings at $2.93 EPS, Q2 2026 earnings at $3.32 EPS and FY2026 earnings at $13.13 EPS.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis.

Several other research analysts also recently commented on the company. Morgan Stanley increased their price objective on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday. Finally, Truist Financial reissued a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research note on Friday. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $188.71.

AbbVie Price Performance

Shares of AbbVie stock opened at $185.24 on Thursday. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The business has a 50 day simple moving average of $167.68 and a two-hundred day simple moving average of $169.55. The stock has a market capitalization of $327.11 billion, a P/E ratio of 54.97, a PEG ratio of 2.23 and a beta of 0.64. AbbVie has a 12 month low of $135.85 and a 12 month high of $186.85.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.35%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.25% of the stock is owned by insiders.

Institutional Trading of AbbVie

Hedge funds have recently made changes to their positions in the business. Capital Advisors Ltd. LLC grew its stake in shares of AbbVie by 1.3% in the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after acquiring an additional 55 shares in the last quarter. Lokken Investment Group LLC grew its stake in AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after purchasing an additional 58 shares in the last quarter. Arcadia Investment Management Corp MI increased its holdings in AbbVie by 0.6% during the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after purchasing an additional 59 shares during the period. L. Roy Papp & Associates LLP increased its holdings in AbbVie by 0.8% during the 2nd quarter. L. Roy Papp & Associates LLP now owns 7,892 shares of the company’s stock worth $1,354,000 after purchasing an additional 60 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC raised its position in AbbVie by 1.5% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 4,001 shares of the company’s stock valued at $686,000 after purchasing an additional 60 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

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.