AbbVie Inc. to Issue Quarterly Dividend of $1.64 (NYSE:ABBV)

Key Points

• AbbVie Inc. has declared a quarterly dividend of $1.64 per share, payable on November 14th to shareholders recorded by October 15th, representing an annualized dividend yield of 3.1%.
• The company's dividend payout ratio stands at 46.9%, indicating strong earnings coverage for its dividend obligations.
• AbbVie reported a $2.97 EPS for its latest quarter, falling short of analysts' expectations, although its revenue of $15.42 billion surpassed estimates.

AbbVie Inc. (NYSE:ABBV - Get Free Report) declared a quarterly dividend on Friday, September 5th, RTT News reports. Stockholders of record on Wednesday, October 15th will be given a dividend of 1.64 per share on Friday, November 14th. This represents a c) dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, October 15th.

AbbVie has a payout ratio of 46.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect AbbVie to earn $13.98 per share next year, which means the company should continue to be able to cover its $6.56 annual dividend with an expected future payout ratio of 46.9%.

AbbVie Stock Down 1.2%

Shares of AbbVie stock traded down $2.59 during trading hours on Monday, reaching $209.97. 5,524,661 shares of the company's stock were exchanged, compared to its average volume of 6,514,072. The company has a 50 day moving average of $197.74 and a two-hundred day moving average of $194.08. AbbVie has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market cap of $370.93 billion, a P/E ratio of 99.99, a P/E/G ratio of 1.37 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 earnings per share. The company's quarterly revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie will post 12.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on ABBV. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Bank of America raised their target price on shares of AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Morgan Stanley raised their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $214.95.

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.