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

AbbVie (NYSE:ABBVGet Free Report) issued its quarterly earnings results 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 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 the consensus estimate of $14.28 billion. During the same period last year, the company earned $2.95 earnings per share. AbbVie’s revenue was up 3.8% on a year-over-year basis. AbbVie updated its FY24 guidance to $10.90-10.94 EPS.

AbbVie Stock Up 1.2 %

NYSE:ABBV traded up $2.43 during mid-day trading on Thursday, hitting $203.93. 4,084,275 shares of the company’s stock traded hands, compared to its average volume of 5,310,872. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market capitalization of $360.11 billion, a P/E ratio of 60.71, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a fifty day moving average of $193.85 and a 200 day moving average of $178.91. AbbVie has a twelve month low of $135.85 and a twelve month high of $207.32.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.22%. AbbVie’s payout ratio is currently 183.98%.

Insider Transactions at AbbVie

In related 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 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 SEC, which is available through this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Morgan Stanley raised their price objective on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research note on Thursday. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Sanford C. Bernstein began coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. UBS Group boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Finally, TD Cowen raised their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $200.11.

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AbbVie Company Profile

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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.

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Earnings History for AbbVie (NYSE:ABBV)

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