AbbVie (NYSE:ABBV) Issues Earnings Results, Beats Estimates By $0.08 EPS

AbbVie (NYSE:ABBV) posted its quarterly earnings results on Thursday. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08, Briefing.com reports. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the previous year, the firm posted $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. AbbVie updated its FY24 guidance to $10.71-10.91 EPS.

AbbVie Stock Performance

NYSE ABBV traded up $2.99 during trading hours on Friday, hitting $185.16. The company’s stock had a trading volume of 6,948,832 shares, compared to its average volume of 5,529,298. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market cap of $326.97 billion, a P/E ratio of 54.97, a price-to-earnings-growth ratio of 2.31 and a beta of 0.64. The company’s 50 day simple moving average is $167.68 and its two-hundred day simple moving average is $169.55. AbbVie has a 12 month low of $135.85 and a 12 month high of $186.85.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.35%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Buying and Selling at AbbVie

In related 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 sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of analyst reports. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Barclays upped their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Friday. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Finally, Morgan Stanley raised their price target on AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $188.71.

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.