AbbVie (NYSE:ABBV) Issues Q3 Earnings Guidance

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

AbbVie Stock Down 0.6 %

Shares of ABBV opened at $194.24 on Friday. The firm has a market capitalization of $343.00 billion, a P/E ratio of 57.64, a P/E/G ratio of 2.65 and a beta of 0.63. AbbVie has a 12-month low of $135.85 and a 12-month high of $199.95. The firm has a fifty day moving average price of $193.35 and a 200-day moving average price of $176.85. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

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

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

Several research analysts have issued reports on ABBV shares. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an overweight rating in a report on Friday, July 26th. Barclays increased their price objective on shares of AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a research note on Friday, July 26th. Morgan Stanley boosted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an overweight rating in a research note on Monday, August 12th. Piper Sandler Companies reiterated an overweight rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Finally, William Blair upgraded AbbVie to a strong-buy rating in a research note on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie has an average rating of 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 AbbVie stock in a transaction that occurred on 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 sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on 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 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 ownership of the stock. 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.