AbbVie (NYSE:ABBV) Issues Q3 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its third quarter 2024 earnings guidance on Friday. 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 Trading Up 1.6 %

ABBV stock traded up $2.99 during midday trading on Friday, reaching $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 1 year low of $135.85 and a 1 year high of $186.85. The firm has a market capitalization of $326.97 billion, a price-to-earnings ratio of 54.94, a PEG ratio of 2.31 and a beta of 0.64. The stock has a fifty day simple moving average of $167.68 and a two-hundred day simple moving average of $169.55. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94.

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 analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company posted $2.91 earnings per share. On average, equities research analysts predict that AbbVie will post 10.79 EPS for the current year.

AbbVie Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler reissued an overweight rating and issued a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Morgan Stanley increased their price target on shares of AbbVie from $191.00 to $196.00 and gave the company an overweight rating in a research report on Thursday, July 11th. Wells Fargo & Company lifted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an overweight rating in a research report on Friday. HSBC raised shares of AbbVie from a hold rating to a buy rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Finally, Piper Sandler Companies reaffirmed an overweight rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of Moderate Buy and an average target price of $188.71.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s 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 in the company, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is currently owned by insiders.

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.