AbbVie (NYSE:ABBV) Updates FY20 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY20 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $10.35-10.45 for the period, compared to the Thomson Reuters consensus estimate of $10.51. AbbVie also updated its FY 2020
Pre-Market guidance to 10.35-10.45 EPS.

NYSE:ABBV traded down $1.13 during trading hours on Friday, hitting $94.91. 14,614,332 shares of the company’s stock traded hands, compared to its average volume of 5,717,843. AbbVie has a 52 week low of $62.55 and a 52 week high of $101.28. The business’s fifty day simple moving average is $97.25 and its two-hundred day simple moving average is $88.40. The firm has a market cap of $140.16 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.63 and a beta of 0.86.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.20 by $0.14. The firm had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $10.14 billion. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The company’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same quarter last year, the company posted $2.26 EPS. As a group, equities research analysts anticipate that AbbVie will post 10.4 earnings per share for the current fiscal year.

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

ABBV has been the subject of a number of research analyst reports. Atlantic Securities raised shares of AbbVie from a neutral rating to an overweight rating and set a $115.00 price objective for the company in a report on Tuesday, June 23rd. Bank of America assumed coverage on AbbVie in a report on Monday, May 18th. They issued a neutral rating and a $95.00 price objective for the company. Piper Sandler boosted their price objective on shares of AbbVie from $97.00 to $110.00 in a report on Wednesday, June 10th. ValuEngine cut shares of AbbVie from a sell rating to a strong sell rating in a research note on Wednesday, May 27th. Finally, Argus upgraded shares of AbbVie from a hold rating to a buy rating and lifted their target price for the stock from $91.40 to $115.00 in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $106.80.

In other news, Vice Chairman Carlos Alban sold 53,325 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the completion of the sale, the insider now directly owns 137,899 shares of the company’s stock, valued at approximately $13,789,900. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the transaction, the senior vice president now owns 52,760 shares in the company, valued at approximately $4,748,400. The disclosure for this sale can be found here. Insiders have sold a total of 95,794 shares of company stock valued at $9,057,485 in the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

AbbVie Company Profile

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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