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

AbbVie (NYSE:ABBV) released its quarterly earnings data on Wednesday. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the business earned $2.95 earnings per share. The business’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 Stock Performance

AbbVie stock traded down $0.64 during midday trading on Friday, hitting $203.23. The company’s stock had a trading volume of 470,953 shares, compared to its average volume of 5,310,200. The company has a 50-day moving average price of $194.00 and a two-hundred day moving average price of $179.09. AbbVie has a 1-year low of $135.85 and a 1-year high of $207.32. The company has a market cap of $358.97 billion, a price-to-earnings ratio of 70.79, a PEG ratio of 2.76 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.23%. AbbVie’s payout ratio is 215.28%.

Analyst Ratings Changes

A number of analysts have recently issued reports on ABBV shares. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Barclays increased their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Citigroup lifted their price target on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets boosted their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Four research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $201.00.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s 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 in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.