AbbVie (NYSE:ABBV – Get Free Report) updated its third quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 2.920-2.960 for the period, compared to the consensus estimate of 2.910. The company issued revenue guidance of $14.2 billion-$14.2 billion, compared to the consensus revenue estimate of $14.2 billion.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on the stock. Truist Financial reiterated a buy rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research report on Friday. Morgan Stanley lifted their price objective on AbbVie from $191.00 to $196.00 and gave the stock an overweight rating in a report on Thursday, July 11th. BMO Capital Markets increased their target price on AbbVie from $180.00 to $214.00 and gave the company an outperform rating in a report on Friday, July 19th. Wells Fargo & Company lifted their price target on AbbVie from $200.00 to $205.00 and gave the stock an overweight rating in a research note on Friday. Finally, Barclays boosted their price target on AbbVie from $187.00 to $200.00 and gave the stock an overweight rating in a research report on Friday. Two equities research 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. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $188.71.
Check Out Our Latest Analysis on ABBV
AbbVie Trading Up 1.7 %
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the business earned $2.91 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. Research analysts expect that AbbVie will post 10.78 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend 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%.
Insiders Place Their Bets
In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by company 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.
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