AbbVie Inc. (NYSE:ABBV) Releases Earnings Results, Beats Expectations By $0.02 EPS

AbbVie Inc. (NYSE:ABBV) released its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02, Bloomberg Earnings reports. AbbVie had a return on equity of 154.76% and a net margin of 24.77%. The business had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. AbbVie updated its FY17 guidance to $5.44-5.54 EPS.

Shares of AbbVie (NYSE:ABBV) traded up 0.32% on Monday, reaching $71.22. The company’s stock had a trading volume of 3,551,071 shares. The company has a 50 day moving average price of $72.07 and a 200 day moving average price of $66.31. The company has a market cap of $113.35 billion, a P/E ratio of 17.52 and a beta of 1.50. AbbVie has a 52-week low of $55.06 and a 52-week high of $75.04.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.59%. The ex-dividend date is Wednesday, July 12th. AbbVie’s payout ratio is 62.90%.

In other news, EVP Carlos Alban sold 45,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the completion of the sale, the executive vice president now owns 160,545 shares in the company, valued at approximately $11,238,150. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Edward J. Rapp purchased 4,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were bought at an average price of $70.45 per share, with a total value of $281,800.00. Following the purchase, the director now owns 15,498 shares in the company, valued at $1,091,834.10. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 406,895 shares of company stock valued at $28,140,423. 0.23% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABBV. Toth Financial Advisory Corp increased its position in AbbVie by 2.6% in the first quarter. Toth Financial Advisory Corp now owns 61,012 shares of the company’s stock valued at $3,976,000 after buying an additional 1,536 shares during the period. Orbis Allan Gray Ltd increased its position in shares of AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock valued at $343,496,000 after buying an additional 579,378 shares during the last quarter. Iowa State Bank increased its position in shares of AbbVie by 3.6% in the first quarter. Iowa State Bank now owns 71,888 shares of the company’s stock valued at $4,684,000 after buying an additional 2,496 shares during the last quarter. Dynamic Advisors Solutions LLC increased its position in shares of AbbVie by 680.0% in the first quarter. Dynamic Advisors Solutions LLC now owns 69,407 shares of the company’s stock valued at $4,523,000 after buying an additional 60,509 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $536,000. 67.89% of the stock is owned by institutional investors.

A number of brokerages have issued reports on ABBV. BMO Capital Markets reiterated a “hold” rating and set a $63.00 price target on shares of AbbVie in a research report on Tuesday, April 18th. Piper Jaffray Companies reiterated a “buy” rating and set a $85.00 price target on shares of AbbVie in a research report on Thursday. BidaskClub lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Friday. Vetr lowered AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price objective for the company. in a report on Wednesday, June 14th. Finally, Leerink Swann restated a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $75.35.

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About AbbVie

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.