AbbVie (NYSE:ABBV) Releases Earnings Results, Beats Expectations By $0.08 EPS

AbbVie (NYSE:ABBV) announced its earnings results on Thursday. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08, Briefing.com reports. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $2.91 earnings per share. AbbVie updated its FY24 guidance to $10.71-10.91 EPS.

AbbVie Stock Up 1.7 %

Shares of ABBV traded up $3.07 during trading hours on Friday, hitting $185.24. The company had a trading volume of 6,948,346 shares, compared to its average volume of 5,572,868. The firm has a fifty day moving average price of $167.68 and a 200-day moving average price 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. The stock has a market capitalization of $327.11 billion, a price-to-earnings ratio of 54.97, a P/E/G ratio of 2.23 and a beta of 0.64. AbbVie has a 52-week low of $135.85 and a 52-week high of $186.85.

AbbVie Dividend Announcement

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

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent analyst reports. Morgan Stanley raised their target price on shares of AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Friday. BMO Capital Markets increased their price target on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Wells Fargo & Company increased their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Barclays increased their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $188.71.

Insider Transactions at AbbVie

In other news, 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 completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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.