AbbVie (NYSE:ABBV) Updates Q3 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its third quarter 2024 earnings guidance on Thursday. 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.

AbbVie Stock Down 0.7 %

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

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the company earned $2.91 earnings per share. The firm’s revenue was up 4.3% on a year-over-year basis. Analysts predict that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an overweight rating and set a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. 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, 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. Piper Sandler Companies reaffirmed an overweight rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Finally, Truist Financial reaffirmed a buy rating and issued a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $191.64.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, 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 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 directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate 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.