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

AbbVie (NYSE:ABBV) issued its quarterly earnings results on Wednesday. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08, Briefing.com reports. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.95 earnings per share. AbbVie updated its FY24 guidance to $10.90-10.94 EPS.

AbbVie Trading Down 0.2 %

Shares of NYSE:ABBV traded down $0.32 during mid-day trading on Friday, reaching $203.55. 4,493,880 shares of the company were exchanged, compared to its average volume of 5,329,237. AbbVie has a 1 year low of $135.85 and a 1 year high of $207.32. 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 firm’s 50-day simple moving average is $194.12 and its 200 day simple moving average is $179.38. The firm has a market cap of $359.54 billion, a price-to-earnings ratio of 70.68, a P/E/G ratio of 2.76 and a beta of 0.63.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.22%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 sale, the chairman now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research reports. Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Barclays increased their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Morgan Stanley lifted their target price on AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $201.00.

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.