AbbVie (NYSE:ABBV) Updates Q3 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.88-2.92 for the period, compared to the consensus earnings per share estimate of $2.95. AbbVie also updated its FY24 guidance to $10.67-10.87 EPS.

AbbVie Stock Down 0.7 %

NYSE ABBV traded down $1.37 during trading hours on Thursday, hitting $195.45. 3,232,452 shares of the company were exchanged, compared to its average volume of 5,338,460. The company has a 50 day moving average of $192.90 and a two-hundred day moving average of $176.61. 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 firm has a market cap of $345.14 billion, a price-to-earnings ratio of 58.17, a PEG ratio of 2.65 and a beta of 0.64. AbbVie has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV) last issued its 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. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the company earned $2.91 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that AbbVie will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.17%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. William Blair raised AbbVie to a strong-buy rating in a research report on Friday, August 30th. Morgan Stanley lifted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research note on Monday, August 12th. Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a report on Friday, July 26th. BMO Capital Markets raised their price target on AbbVie from $180.00 to $214.00 and gave the stock an outperform rating in a report on Friday, July 19th. Finally, Barclays lifted their price objective on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday, July 26th. Two 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $191.64.

Insider Buying and Selling at AbbVie

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