AbbVie (NYSE:ABBV) Posts Quarterly Earnings Results, Misses Estimates By $0.27 EPS

Key Points

• AbbVie reported quarterly earnings of $2.97 per share, missing analysts' expectations of $3.24 by $0.27, despite revenue of $15.42 billion surpassing estimates.
• The company's stock rose 3.3% during trading on the day following the earnings release, reaching $195.17 per share.
• AbbVie declared a quarterly dividend of $1.64, reflecting a 3.4% yield, with a high payout ratio of 279.15%.

AbbVie (NYSE:ABBV - Get Free Report) released its quarterly earnings results on Thursday. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27), Briefing.com reports. The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 518.10% and a net margin of 6.45%. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.65 EPS.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $1.55 during midday trading on Tuesday, hitting $198.74. The stock had a trading volume of 1,350,200 shares, compared to its average volume of 6,821,310. The company has a market capitalization of $351.05 billion, a PE ratio of 94.71, a P/E/G ratio of 1.27 and a beta of 0.50. AbbVie has a 1 year low of $163.81 and a 1 year high of $218.66. The stock has a 50 day moving average price of $188.60 and a two-hundred day moving average price of $190.60. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. AbbVie's payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ABBV. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Raymond James Financial raised their price target on AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a research note on Friday. Bank of America raised their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Guggenheim lifted their target price on AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $212.81.

Institutional Trading of AbbVie

A hedge fund recently raised its stake in AbbVie stock. Revolve Wealth Partners LLC increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 72.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,279 shares of the company's stock after purchasing an additional 3,064 shares during the quarter. Revolve Wealth Partners LLC's holdings in AbbVie were worth $1,294,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 70.23% of the company's stock.

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.