AbbVie (NYSE:ABBV) Issues FY 2020 Pre-Market Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY 2020
Pre-Market earnings guidance on Friday morning. The company provided EPS guidance of 10.35-10.45 for the period, compared to the Thomson Reuters consensus EPS estimate of $10.32. AbbVie also updated its FY20 guidance to $10.35-10.45 EPS.

NYSE ABBV traded down $1.13 on Friday, reaching $94.91. 14,614,332 shares of the company were exchanged, compared to its average volume of 5,717,843. The business’s fifty day moving average price is $97.25 and its 200 day moving average price is $88.40. The stock has a market capitalization of $140.16 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.63 and a beta of 0.86. AbbVie has a fifty-two week low of $62.55 and a fifty-two week high of $101.28.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 31st. The company reported $2.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.14. The company had revenue of $10.43 billion for the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The firm’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.26 earnings per share. Research analysts anticipate that AbbVie will post 10.4 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a $1.18 dividend. This represents a $4.72 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.

Several equities analysts have recently commented on the company. Piper Sandler upped their price target on AbbVie from $97.00 to $110.00 in a research note on Wednesday, June 10th. Evercore ISI assumed coverage on AbbVie in a research note on Wednesday, June 10th. They issued a buy rating and a $111.00 price target on the stock. Argus raised AbbVie from a hold rating to a buy rating and upped their price target for the company from $91.40 to $115.00 in a research note on Tuesday, June 2nd. Morgan Stanley reaffirmed an overweight rating and issued a $95.00 price target on shares of AbbVie in a research note on Monday, May 11th. Finally, Royal Bank of Canada upped their price target on AbbVie from $102.00 to $125.00 and gave the company an outperform rating in a research note on Thursday, June 25th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $106.80.

In other AbbVie news, EVP Timothy J. Richmond sold 19,445 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Carlos Alban sold 53,325 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $100.00, for a total value of $5,332,500.00. Following the sale, the insider now owns 137,899 shares in the company, valued at approximately $13,789,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,794 shares of company stock worth $9,057,485. 0.09% of the stock is owned by company insiders.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Earnings History and Estimates for AbbVie (NYSE:ABBV)

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