AbbVie (NYSE:ABBV) Updates Q3 2024 Earnings Guidance

AbbVie (NYSE:ABBVGet Free Report) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.920-2.960 for the period, compared to the consensus EPS estimate of 2.950. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

AbbVie Price Performance

ABBV stock opened at $195.38 on Friday. The company has a market cap of $345.02 billion, a price-to-earnings ratio of 57.98, a PEG ratio of 2.65 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a 50 day moving average of $193.17 and a 200-day moving average of $176.74. AbbVie has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie (NYSE:ABBVGet Free Report) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.91 EPS. As a group, equities analysts expect that AbbVie will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ABBV. Wells Fargo & Company boosted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a research report on Friday, July 26th. BMO Capital Markets increased their price target on AbbVie from $180.00 to $214.00 and gave the stock an outperform rating in a research note on Friday, July 19th. Morgan Stanley lifted their price objective on AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research report on Monday, August 12th. Cantor Fitzgerald reissued an overweight rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Finally, Truist Financial reaffirmed a buy rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus target price of $191.64.

Check Out Our Latest Research Report on ABBV

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on 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 owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

About AbbVie

(Get Free Report)

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.

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Earnings History and Estimates for AbbVie (NYSE:ABBV)

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