AbbVie (NYSE:ABBV) Updates Q3 2024 Earnings Guidance

by · The Markets Daily

AbbVie (NYSE:ABBV – Get Free Report) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.920-2.960 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

AbbVie Trading Down 0.6 %

AbbVie stock opened at $194.24 on Friday. AbbVie has a 1 year low of $135.85 and a 1 year high of $199.95. The firm’s 50 day moving average price is $193.35 and its 200-day moving average price is $176.85. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The stock has a market cap of $343.00 billion, a P/E ratio of 57.64, a PEG ratio of 2.65 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.91 EPS. On average, equities analysts predict that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. Piper Sandler raised their price objective on AbbVie from $196.00 to $209.00 and gave the company an overweight rating in a research note on Friday, August 23rd. 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. Truist Financial reiterated a buy rating and set a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Cantor Fitzgerald reissued an overweight rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Finally, Barclays raised their price objective on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $191.64.

View Our Latest Report on ABBV

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $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 accessible through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The sale 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 AbbVie stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Company Profile

(Get Free Report)

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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