Wall Street brokerages forecast that AbbVie Inc. (NYSE:ABBV) will post $8.24 billion in sales for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for AbbVie’s earnings. The lowest sales estimate is $8.14 billion and the highest is $8.45 billion. AbbVie posted sales of $6.94 billion during the same quarter last year, which suggests a positive year over year growth rate of 18.7%. The firm is scheduled to issue its next earnings results on Friday, July 27th.
According to Zacks, analysts expect that AbbVie will report full-year sales of $32.96 billion for the current year, with estimates ranging from $32.43 billion to $33.88 billion. For the next financial year, analysts anticipate that the firm will report sales of $34.86 billion per share, with estimates ranging from $34.27 billion to $36.08 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for AbbVie.
AbbVie (NYSE:ABBV) last released its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.79 by $0.08. The company had revenue of $7.93 billion during the quarter, compared to the consensus estimate of $7.60 billion. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. The company’s revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.28 EPS.
ABBV has been the subject of several research analyst reports. Credit Suisse Group set a $135.00 target price on shares of AbbVie and gave the stock a “hold” rating in a research report on Monday, January 29th. Leerink Swann downgraded shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 target price for the company. in a research report on Monday, January 29th. Jefferies Group set a $145.00 target price on shares of AbbVie and gave the stock a “buy” rating in a research report on Monday, February 26th. Zacks Investment Research downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. Finally, BMO Capital Markets set a $95.00 target price on shares of AbbVie and gave the stock a “sell” rating in a research report on Tuesday, March 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $116.38.
In other AbbVie news, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the completion of the transaction, the chief financial officer now directly owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert A. Michael sold 992 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The disclosure for this sale can be found here. Insiders have sold a total of 211,197 shares of company stock valued at $24,585,575 over the last three months. 0.07% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of ABBV. BlackRock Inc. raised its holdings in shares of AbbVie by 2.8% in the 4th quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock worth $9,798,871,000 after purchasing an additional 2,714,857 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of AbbVie by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 16,042,851 shares of the company’s stock worth $1,548,096,000 after purchasing an additional 697,191 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of AbbVie by 85.3% in the 4th quarter. Jennison Associates LLC now owns 11,353,745 shares of the company’s stock worth $1,098,021,000 after purchasing an additional 5,227,056 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of AbbVie by 3.5% in the 4th quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock worth $998,157,000 after purchasing an additional 347,642 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of AbbVie by 0.9% in the 3rd quarter. Legal & General Group Plc now owns 8,117,840 shares of the company’s stock worth $721,349,000 after purchasing an additional 68,489 shares in the last quarter. 70.30% of the stock is owned by hedge funds and other institutional investors.
Shares of ABBV traded up $0.66 during midday trading on Friday, hitting $105.98. The company had a trading volume of 5,327,872 shares, compared to its average volume of 7,206,136. The company has a market capitalization of $166.69 billion, a P/E ratio of 18.93, a PEG ratio of 0.99 and a beta of 1.59. AbbVie has a 52 week low of $64.80 and a 52 week high of $125.86. The company has a debt-to-equity ratio of 8.70, a quick ratio of 1.10 and a current ratio of 1.20.
AbbVie declared that its board has initiated a share repurchase plan on Thursday, February 15th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.