AbbVie (NYSE:ABBV) Issues Earnings Results, Beats Expectations By $0.11 EPS

AbbVie (NYSE:ABBV) released its quarterly earnings data on Friday. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.11, Briefing.com reports. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. AbbVie updated its FY24 guidance to $11.13-$11.33 EPS and its Q2 2024 guidance to 3.050-3.090 EPS.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $159.62 on Friday. AbbVie has a twelve month low of $130.96 and a twelve month high of $182.89. The company’s 50 day moving average is $174.59 and its 200 day moving average is $160.74. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The company has a market cap of $282.63 billion, a PE ratio of 58.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.88%. AbbVie’s dividend payout ratio (DPR) is presently 227.11%.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the sale, the chief executive officer now owns 519,099 shares in the company, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. In the last quarter, insiders have sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Truist Financial upped their price objective on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. BMO Capital Markets boosted their target price on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Guggenheim boosted their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Barclays boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Wednesday, March 27th. Finally, Raymond James boosted their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

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.