AbbVie (NYSE:ABBV) Updates Q3 Earnings Guidance

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

AbbVie Stock Down 0.6 %

ABBV opened at $194.29 on Friday. AbbVie has a 12 month low of $135.85 and a 12 month high of $199.95. The business has a 50-day moving average of $193.35 and a two-hundred day moving average of $176.83. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The stock has a market capitalization of $343.09 billion, a price-to-earnings ratio of 57.65, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.91 earnings per share. On average, research analysts expect that AbbVie will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ABBV shares. Morgan Stanley upped their price target on AbbVie from $211.00 to $218.00 and gave the stock an overweight rating in a research note on Monday, August 12th. Truist Financial restated a buy rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Barclays boosted their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an overweight rating in a research note on Friday, July 26th. William Blair raised shares of AbbVie to a strong-buy rating in a research note on Friday, August 30th. Finally, BMO Capital Markets upped their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an outperform rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $191.64.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated Wednesday, July 17th. The stock was 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 directly owns 513,099 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were 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 of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

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.