$6.97 Billion in Sales Expected for AbbVie Inc. (ABBV) This Quarter
Analysts forecast that AbbVie Inc. (NYSE:ABBV) will announce sales of $6.97 billion for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for AbbVie’s earnings, with the highest sales estimate coming in at $7.08 billion and the lowest estimate coming in at $6.85 billion. AbbVie posted sales of $6.43 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.4%. The firm is expected to issue its next earnings report on Friday, October 27th.
On average, analysts expect that AbbVie will report full year sales of $6.97 billion for the current financial year, with estimates ranging from $27.68 billion to $27.98 billion. For the next financial year, analysts expect that the firm will report sales of $30.77 billion per share, with estimates ranging from $30.05 billion to $32.15 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow AbbVie.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the firm earned $1.26 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis.
Several research firms recently weighed in on ABBV. Jefferies Group LLC restated a “buy” rating and issued a $94.00 price objective on shares of AbbVie in a research report on Friday. Goldman Sachs Group, Inc. (The) restated a “buy” rating and issued a $100.00 price objective (up previously from $85.00) on shares of AbbVie in a research report on Friday. BidaskClub upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $76.28 price objective for the company. in a research report on Thursday, July 20th. Finally, Leerink Swann restated a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. AbbVie presently has an average rating of “Buy” and a consensus target price of $77.33.
In related news, CEO Richard A. Gonzalez sold 65,861 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total value of $4,676,131.00. Following the completion of the sale, the chief executive officer now owns 342,353 shares in the company, valued at approximately $24,307,063. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the completion of the sale, the chairman now owns 469,623 shares of the company’s stock, valued at approximately $33,343,233. The disclosure for this sale can be found here. In the last 90 days, insiders sold 490,491 shares of company stock valued at $34,684,639. 0.23% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its position in shares of AbbVie by 1.2% in the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after buying an additional 2,130,919 shares in the last quarter. Vanguard Group Inc. increased its position in shares of AbbVie by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after buying an additional 3,706,941 shares in the last quarter. BlackRock Inc. increased its position in shares of AbbVie by 2.0% in the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after buying an additional 1,864,418 shares in the last quarter. State Street Corp increased its position in shares of AbbVie by 2.4% in the 1st quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after buying an additional 1,696,042 shares in the last quarter. Finally, Orbis Allan Gray Ltd increased its position in shares of AbbVie by 35.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after buying an additional 3,340,038 shares in the last quarter. Institutional investors and hedge funds own 68.29% of the company’s stock.
AbbVie (NYSE ABBV) opened at 85.34 on Monday. AbbVie has a 12 month low of $55.06 and a 12 month high of $86.09. The firm has a market capitalization of $136.04 billion, a PE ratio of 20.99 and a beta of 1.48. The stock’s 50 day moving average price is $72.74 and its 200 day moving average price is $68.51.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Friday, July 14th were given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Wednesday, July 12th. AbbVie’s dividend payout ratio is currently 62.90%.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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