Equities analysts expect AbbVie Inc (NYSE:ABBV) to report $8.23 billion in sales for the current quarter, according to Zacks. Five analysts have issued estimates for AbbVie’s earnings. The lowest sales estimate is $8.12 billion and the highest is $8.41 billion. AbbVie reported sales of $7.00 billion during the same quarter last year, which would suggest a positive year over year growth rate of 17.6%. The company is expected to report its next earnings report before the market opens on Friday, November 2nd.
According to Zacks, analysts expect that AbbVie will report full-year sales of $32.92 billion for the current year, with estimates ranging from $32.60 billion to $33.35 billion. For the next fiscal year, analysts forecast that the business will report sales of $34.38 billion, with estimates ranging from $33.49 billion to $35.14 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover AbbVie.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The firm had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year.
A number of research analysts have recently issued reports on the company. Berenberg Bank assumed coverage on AbbVie in a research note on Thursday, July 12th. They set a “hold” rating and a $105.00 price objective on the stock. BMO Capital Markets reaffirmed a “sell” rating and set a $78.00 price objective on shares of AbbVie in a research note on Friday, July 27th. Credit Suisse Group set a $85.00 price objective on AbbVie and gave the company a “hold” rating in a research note on Sunday. Cowen set a $110.00 price objective on AbbVie and gave the company a “buy” rating in a research note on Friday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $100.00 price objective on shares of AbbVie in a research note on Friday, July 27th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $106.98.
In related news, EVP Michael Severino sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the sale, the executive vice president now directly owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mainstay Capital Management LLC ADV lifted its holdings in AbbVie by 6,123.5% in the second quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after buying an additional 12,247 shares during the period. Fairfield Bush & CO. purchased a new stake in AbbVie in the first quarter worth about $146,000. First Mercantile Trust Co. purchased a new stake in AbbVie in the second quarter worth about $150,000. Centaurus Financial Inc. purchased a new stake in AbbVie in the first quarter worth about $153,000. Finally, MUFG Securities EMEA plc purchased a new stake in AbbVie in the second quarter worth about $157,000. 69.35% of the stock is currently owned by institutional investors.
Shares of NYSE:ABBV traded down $1.78 on Monday, reaching $90.49. 78,060 shares of the company traded hands, compared to its average volume of 7,040,268. AbbVie has a 52 week low of $85.24 and a 52 week high of $125.86. The stock has a market capitalization of $143.22 billion, a P/E ratio of 16.17, a price-to-earnings-growth ratio of 0.91 and a beta of 1.54. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 annualized dividend and a dividend yield of 4.24%. AbbVie’s payout ratio is presently 68.57%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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