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 earnings per share (EPS) guidance of $2.88-2.92 for the period, compared to the consensus estimate of $2.95. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

AbbVie Price Performance

ABBV opened at $195.38 on Friday. AbbVie has a one year low of $135.85 and a one year high of $199.95. 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 company’s 50 day simple moving average is $193.17 and its 200-day simple moving average is $176.74. The stock has a market capitalization of $345.02 billion, a P/E ratio of 57.98, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the firm earned $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts anticipate that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.17%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Cantor Fitzgerald reiterated an overweight rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. 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. Truist Financial restated a buy rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Morgan Stanley raised their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an overweight rating in a report on Monday, August 12th. Finally, Barclays raised their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an overweight rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $191.64.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction 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 owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

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.