AbbVie (NYSE:ABBV) Issues Q3 Earnings Guidance

AbbVie (NYSE:ABBV) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.88-2.92 for the period, compared to the consensus estimate of $2.95. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

AbbVie Stock Performance

NYSE ABBV opened at $194.24 on Friday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a market cap of $343.00 billion, a PE ratio of 57.64, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63. The stock’s 50 day simple moving average is $193.35 and its 200-day simple moving average is $176.85.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.91 EPS. As a group, equities research analysts anticipate that AbbVie will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analyst Ratings Changes

ABBV has been the subject of several recent research reports. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a report on Friday, July 26th. William Blair upgraded AbbVie to a strong-buy rating in a report on Friday, August 30th. Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an overweight rating in a report on Friday, August 23rd. Truist Financial reaffirmed a buy rating and set a $210.00 target price (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Finally, Barclays increased their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, AbbVie has an average rating of Buy and an average price target of $191.64.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were 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 in the company, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

About AbbVie

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.