AbbVie (NYSE:ABBV) Updates Q3 2024 Earnings Guidance

AbbVie (NYSE:ABBV) 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:ABBV) 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.

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

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.