AbbVie (NYSE:ABBV) Issues Q3 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.920-2.960 for the period, compared to the consensus estimate of 2.950. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

AbbVie Stock Down 0.6 %

ABBV opened at $194.29 on Friday. The company has a 50 day moving average of $193.35 and a 200 day moving average of $176.83. 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 has a 12 month low of $135.85 and a 12 month high of $199.95. The company has a market cap of $343.09 billion, a PE ratio of 57.65, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.91 earnings per share. On average, sell-side analysts expect that AbbVie will post 10.86 EPS 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 issued a $1.55 dividend. 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%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ABBV. Cantor Fitzgerald reaffirmed an overweight rating and set a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an overweight rating in a report on Friday, August 23rd. Truist Financial reissued a buy rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Piper Sandler Companies restated an overweight rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Finally, William Blair upgraded AbbVie to a strong-buy rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $191.64.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $89,792,325. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently 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.