AbbVie (NYSE:ABBV) Releases FY24 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $10.67-10.87 for the period, compared to the consensus estimate of $10.88. AbbVie also updated its FY 2024 guidance to 10.710-10.910 EPS.

AbbVie Trading Down 0.6 %

Shares of ABBV stock opened at $194.24 on Friday. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business has a fifty day simple moving average of $193.35 and a 200-day simple moving average of $176.85. The stock has a market cap of $343.00 billion, a P/E ratio of 57.64, a P/E/G ratio of 2.65 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.91 earnings per share. On average, analysts forecast that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent research reports. Morgan Stanley upped their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a report on Monday, August 12th. Truist Financial restated a buy rating and set a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Barclays boosted their price target on AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a report on Friday, July 26th. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the stock an overweight rating in a report on Friday, July 26th. Finally, Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the company an overweight rating in a research note on Friday, August 23rd. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Buy and a consensus target price of $191.64.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% 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.