AbbVie (NYSE:ABBV) Issues Q3 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided EPS guidance of 2.920-2.960 for the period, compared to the consensus EPS estimate of 2.910. The company issued revenue guidance of $14.2 billion-$14.2 billion, compared to the consensus revenue estimate of $14.2 billion.

AbbVie Price Performance

NYSE:ABBV traded up $2.99 during mid-day trading on Friday, hitting $185.16. The company’s stock had a trading volume of 6,948,832 shares, compared to its average volume of 5,529,298. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $186.85. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The company has a market capitalization of $326.97 billion, a price-to-earnings ratio of 54.94, a P/E/G ratio of 2.31 and a beta of 0.64. The stock has a fifty day moving average of $167.68 and a 200-day moving average of $169.60.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the business posted $2.91 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts forecast that AbbVie will post 10.79 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ABBV. Piper Sandler Companies reaffirmed an overweight rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Truist Financial reaffirmed a buy rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday. Piper Sandler reaffirmed an overweight rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $200.00 price target on shares of AbbVie in a report on Friday. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $188.71.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.25% of the company’s stock.

AbbVie Company Profile

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.