AbbVie (NYSE:ABBV) Issues 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 Trading Down 0.6 %

ABBV opened at $194.29 on Friday. The firm has a market cap 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 has a 52 week low of $135.85 and a 52 week high of $199.95. The business’s 50 day moving average is $193.35 and its two-hundred day moving average is $176.83. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during 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%. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.91 EPS. On average, research analysts predict that AbbVie will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a report on Friday, July 26th. Piper Sandler Companies restated an overweight rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Barclays lifted their target price on shares of AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday, July 26th. Piper Sandler increased their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an overweight rating in a report on Friday, August 23rd. Finally, William Blair upgraded shares of AbbVie to a strong-buy rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $191.64.

Insider Transactions at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were 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 in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on 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 sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 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 $83,299,645.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.