SVB Leerink Analysts Cut Earnings Estimates for AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Apr 26th, 2023

AbbVie Inc. (NYSE:ABBV – Get Rating) – Research analysts at SVB Leerink reduced their Q1 2023 earnings per share estimates for shares of AbbVie in a report released on Sunday, April 23rd. SVB Leerink analyst D. Risinger now anticipates that the company will post earnings of $2.43 per share for the quarter, down from their previous forecast of $2.51. SVB Leerink currently has a “Market Perform” rating and a $153.00 target price on the stock. The consensus estimate for AbbVie’s current full-year earnings is $10.92 per share. SVB Leerink also issued estimates for AbbVie’s Q2 2023 earnings at $2.85 EPS and FY2023 earnings at $11.00 EPS.

ABBV has been the topic of a number of other reports. Truist Financial boosted their price target on shares of AbbVie from $160.00 to $180.00 in a research note on Thursday, January 5th. Barclays raised their price target on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Wolfe Research lowered AbbVie from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, February 22nd. They noted that the move was a valuation call. Piper Jaffray Companies lifted their target price on AbbVie from $157.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, February 10th. Finally, SVB Securities upgraded AbbVie from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $135.00 to $153.00 in a report on Friday, February 10th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $162.94.

AbbVie Stock Up 0.5 %

Shares of NYSE:ABBV opened at $164.90 on Tuesday. The company has a market capitalization of $290.91 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 3.72 and a beta of 0.58. AbbVie has a 12-month low of $134.09 and a 12-month high of $168.11. The business has a 50-day moving average price of $156.32 and a 200 day moving average price of $154.56. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 3.42.

AbbVie (NYSE:ABBV – Get Rating) last released its quarterly earnings data on Thursday, February 9th. The company reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $3.54 by $0.06. The firm had revenue of $15.12 billion for the quarter, compared to analysts’ expectations of $15.30 billion. AbbVie had a return on equity of 154.52% and a net margin of 20.39%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.31 earnings per share.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Friday, April 14th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Thursday, April 13th. This represents a $5.92 dividend on an annualized basis and a yield of 3.59%. AbbVie’s dividend payout ratio is presently 89.56%.

Insider Activity

In other news, Director Roxanne S. Austin sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $150.50, for a total value of $1,505,000.00. Following the transaction, the director now owns 40,705 shares of the company’s stock, valued at $6,126,102.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the business’s stock in a transaction on Monday, April 17th. The shares were sold at an average price of $161.67, for a total transaction of $1,212,363.33. Following the sale, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,711,801.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne S. Austin sold 10,000 shares of the stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $150.50, for a total transaction of $1,505,000.00. Following the completion of the transaction, the director now owns 40,705 shares of the company’s stock, valued at approximately $6,126,102.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,767 shares of company stock valued at $28,443,783. Insiders own 0.26% of the company’s stock.

Institutional Trading of AbbVie

A number of institutional investors have recently bought and sold shares of the company. Centaurus Financial Inc. increased its position in AbbVie by 4.8% during the third quarter. Centaurus Financial Inc. now owns 14,439 shares of the company’s stock worth $1,938,000 after buying an additional 667 shares in the last quarter. First Citizens Financial Corp lifted its holdings in AbbVie by 2.3% in the 4th quarter. First Citizens Financial Corp now owns 4,505 shares of the company’s stock valued at $728,000 after purchasing an additional 100 shares in the last quarter. Crescent Sterling Ltd. acquired a new stake in shares of AbbVie during the 4th quarter worth about $3,486,000. Lindbrook Capital LLC grew its holdings in shares of AbbVie by 9.8% during the fourth quarter. Lindbrook Capital LLC now owns 10,608 shares of the company’s stock worth $1,714,000 after buying an additional 944 shares in the last quarter. Finally, Dividend Assets Capital LLC raised its position in shares of AbbVie by 7.1% in the third quarter. Dividend Assets Capital LLC now owns 2,166 shares of the company’s stock valued at $291,000 after buying an additional 143 shares during the last quarter. 67.71% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Company Profile

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson’s, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.