AbbVie (NYSE:ABBV) Issues Quarterly Earnings Results

AbbVie (NYSE:ABBV) issued its quarterly earnings data on Thursday. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08, Briefing.com reports. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.91 earnings per share. AbbVie updated its FY24 guidance to $10.71-10.91 EPS.

AbbVie Price Performance

AbbVie stock traded up $2.99 during mid-day trading on Friday, hitting $185.16. 6,948,832 shares of the company were exchanged, compared to its average volume of 5,529,298. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The company has a market capitalization of $326.97 billion, a PE ratio of 54.97, a price-to-earnings-growth ratio of 2.31 and a beta of 0.64. AbbVie has a 1-year low of $135.85 and a 1-year high of $186.85. The business has a fifty day moving average of $167.68 and a 200 day moving average of $169.55.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research reports. Barclays raised their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday. Morgan Stanley lifted their price objective on shares of AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. BMO Capital Markets lifted their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Piper Sandler reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $188.71.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.