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 EPS guidance of 2.920-2.960 for the period, compared to the consensus EPS estimate of 2.950. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent analyst reports. Cantor Fitzgerald reiterated an overweight rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Truist Financial reaffirmed 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 increased their price target on AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research report on Monday, August 12th. William Blair upgraded shares of AbbVie to a strong-buy rating in a research note on Friday, August 30th. Finally, Piper Sandler Companies restated an overweight rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $191.64.

AbbVie Stock Performance

ABBV traded down $1.44 on Thursday, hitting $195.38. 3,453,366 shares of the company traded hands, compared to its average volume of 5,339,617. AbbVie has a 12-month low of $135.85 and a 12-month high of $199.95. The company has a 50 day moving average of $193.17 and a 200-day moving average of $176.74. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock has a market capitalization of $345.02 billion, a PE ratio of 57.98, a PEG ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping 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 business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the company posted $2.91 EPS. 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 year.

AbbVie Dividend Announcement

The firm also recently declared 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. This represents a $6.20 annualized dividend and a yield of 3.17%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Activity at AbbVie

In other AbbVie 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 value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred 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 directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is 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.