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

AbbVie (NYSE:ABBV) released its quarterly earnings results on Thursday. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08, Briefing.com reports. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business’s revenue for the quarter 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. AbbVie updated its FY24 guidance to $10.71-10.91 EPS.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $2.99 on Friday, reaching $185.16. The company’s stock had a trading volume of 6,948,832 shares, compared to its average volume of 5,529,298. The stock’s 50-day moving average is $167.68 and its two-hundred day moving average is $169.60. AbbVie has a 52-week low of $135.85 and a 52-week high of $186.85. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The stock has a market capitalization of $326.97 billion, a P/E ratio of 54.94, a PEG ratio of 2.35 and a beta of 0.64.

AbbVie Dividend Announcement

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

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research analyst reports. Barclays boosted their target price on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday. Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday. Piper Sandler reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Tuesday, July 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Friday. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $188.71.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.25% of the company’s stock.

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.