AbbVie Inc. (NYSE:ABBV) Expected to Post Quarterly Sales of $13.55 Billion

Wall Street brokerages forecast that AbbVie Inc. (NYSE:ABBVGet Rating) will report $13.55 billion in sales for the current quarter, Zacks reports. Four analysts have provided estimates for AbbVie’s earnings, with the highest sales estimate coming in at $13.66 billion and the lowest estimate coming in at $13.43 billion. AbbVie reported sales of $13.01 billion during the same quarter last year, which would suggest a positive year over year growth rate of 4.2%. The company is expected to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that AbbVie will report full-year sales of $60.36 billion for the current fiscal year, with estimates ranging from $60.07 billion to $60.75 billion. For the next year, analysts expect that the business will post sales of $56.93 billion, with estimates ranging from $55.93 billion to $58.99 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow AbbVie.

AbbVie (NYSE:ABBVGet Rating) last released its earnings results on Wednesday, February 2nd. The company reported $3.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.29 by $0.02. The firm had revenue of $14.89 billion for the quarter, compared to analysts’ expectations of $14.96 billion. AbbVie had a return on equity of 164.05% and a net margin of 20.54%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.92 earnings per share.

Several research firms have recently commented on ABBV. Cowen boosted their price objective on AbbVie from $130.00 to $150.00 in a report on Tuesday, January 18th. UBS Group downgraded AbbVie from a “buy” rating to a “neutral” rating and upped their price target for the stock from $129.00 to $147.00 in a report on Monday, February 28th. BMO Capital Markets upped their price target on AbbVie from $153.00 to $154.00 and gave the stock an “outperform” rating in a report on Thursday, February 3rd. Piper Sandler upped their price target on AbbVie from $129.00 to $160.00 in a report on Monday, January 3rd. Finally, Barclays upped their price target on AbbVie from $150.00 to $174.00 and gave the stock an “equal weight” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $156.40.

In other AbbVie news, SVP Carrie C. Strom sold 2,396 shares of AbbVie stock in a transaction on Monday, February 7th. The stock was sold at an average price of $141.17, for a total value of $338,243.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henry O. Gosebruch sold 15,000 shares of AbbVie stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $148.26, for a total value of $2,223,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 106,819 shares of company stock valued at $16,155,094 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Sanders Morris Harris LLC lifted its stake in AbbVie by 0.3% in the 1st quarter. Sanders Morris Harris LLC now owns 23,158 shares of the company’s stock valued at $3,755,000 after buying an additional 62 shares in the last quarter. Modus Advisors LLC lifted its stake in AbbVie by 0.3% in the 1st quarter. Modus Advisors LLC now owns 19,907 shares of the company’s stock worth $3,227,000 after purchasing an additional 69 shares in the last quarter. McAdam LLC lifted its stake in AbbVie by 0.5% in the 1st quarter. McAdam LLC now owns 15,537 shares of the company’s stock worth $2,519,000 after purchasing an additional 70 shares in the last quarter. Charter Oak Capital Management LLC lifted its stake in AbbVie by 1.1% in the 4th quarter. Charter Oak Capital Management LLC now owns 6,527 shares of the company’s stock worth $884,000 after purchasing an additional 73 shares in the last quarter. Finally, First Farmers & Merchants Bank Trust lifted its stake in AbbVie by 0.6% in the 1st quarter. First Farmers & Merchants Bank Trust now owns 13,021 shares of the company’s stock worth $2,111,000 after purchasing an additional 73 shares in the last quarter. 65.62% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE ABBV traded down $8.53 during midday trading on Friday, hitting $158.78. 1,010,920 shares of the stock traded hands, compared to its average volume of 7,781,570. The company has a market cap of $280.45 billion, a PE ratio of 24.64, a P/E/G ratio of 4.87 and a beta of 0.81. AbbVie has a one year low of $105.56 and a one year high of $175.91. The business has a 50 day moving average price of $153.44 and a two-hundred day moving average price of $133.08. The company has a debt-to-equity ratio of 4.16, a quick ratio of 0.70 and a current ratio of 0.79.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 16th. Shareholders of record on Friday, April 15th will be paid a $1.41 dividend. The ex-dividend date is Wednesday, April 13th. This represents a $5.64 dividend on an annualized basis and a yield of 3.55%. AbbVie’s dividend payout ratio is currently 87.44%.

About AbbVie (Get Rating)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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