AbbVie (NYSE:ABBV) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

AbbVie (NYSE:ABBV) issued its quarterly earnings data on Wednesday. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08, Briefing.com reports. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the firm posted $2.95 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. AbbVie updated its FY24 guidance to $10.90-10.94 EPS.

AbbVie Price Performance

Shares of ABBV stock traded down $0.32 during trading hours on Friday, reaching $203.55. The stock had a trading volume of 4,493,880 shares, compared to its average volume of 5,329,237. The stock’s fifty day simple moving average is $194.12 and its 200 day simple moving average is $179.38. The firm has a market capitalization of $359.54 billion, a PE ratio of 70.68, a PEG ratio of 2.76 and a beta of 0.63. AbbVie has a 12 month low of $135.85 and a 12 month high of $207.32. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. AbbVie’s dividend payout ratio is currently 215.28%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ABBV shares. BMO Capital Markets lifted their price target on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Citigroup lifted their target price on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Truist Financial lifted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $201.00.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

About AbbVie

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.