AbbVie (NYSE:ABBV) Updates Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided EPS guidance of 3.050-3.090 for the period, compared to the consensus EPS estimate of 2.810. The company issued revenue guidance of $14.0 billion-$14.0 billion, compared to the consensus revenue estimate of $13.6 billion. AbbVie also updated its FY24 guidance to $11.13-$11.33 EPS.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $7.67 during trading on Friday, reaching $159.62. 10,709,214 shares of the company traded hands, compared to its average volume of 5,657,401. The firm has a market capitalization of $282.63 billion, a PE ratio of 58.47, a PEG ratio of 2.13 and a beta of 0.58. AbbVie has a 52 week low of $130.96 and a 52 week high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The company’s 50 day moving average is $174.94 and its two-hundred day moving average is $160.67.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.20 by $0.11. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the previous year, the business earned $2.46 earnings per share. The company’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie will post 11.19 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.88%. AbbVie’s dividend payout ratio (DPR) is currently 227.11%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Guggenheim increased their price target on AbbVie from $188.00 to $190.00 and gave the company a buy rating in a research note on Friday, March 22nd. Raymond James increased their target price on AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a research report on Monday, February 5th. William Blair upgraded AbbVie from a market perform rating to an outperform rating in a report on Monday, January 29th. Truist Financial raised their price objective on shares of AbbVie from $180.00 to $195.00 and gave the company a buy rating in a report on Tuesday, February 6th. Finally, BMO Capital Markets boosted their target price on shares of AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a report on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $177.43.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the completion of the sale, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the transaction, the executive vice president now owns 60,941 shares in the company, valued at $10,895,641.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is owned by corporate insiders.

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.