AbbVie (NYSE:ABBV) Updates FY24 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $11.13-$11.33 for the period, compared to the consensus earnings per share estimate of $11.12. AbbVie also updated its Q2 2024 guidance to 3.050-3.090 EPS.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Guggenheim upped their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a buy rating in a research note on Friday, March 22nd. William Blair upgraded shares of AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. BMO Capital Markets upped their price target on shares of AbbVie from $187.00 to $195.00 and gave the company an outperform rating in a research note on Monday, February 5th. Raymond James upped their price target on shares of AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a research note on Monday, February 5th. Finally, Truist Financial upped their price target on shares of AbbVie from $180.00 to $195.00 and gave the company a buy rating in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of Moderate Buy and a consensus price target of $177.43.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $7.67 during trading on Friday, reaching $159.62. The company had a trading volume of 10,709,214 shares, compared to its average volume of 5,657,401. The stock has a market capitalization of $282.63 billion, a P/E ratio of 58.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The company has a fifty day moving average of $174.59 and a two-hundred day moving average of $160.74. AbbVie has a 12 month low of $130.96 and a 12 month high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.11. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.46 EPS. Equities research analysts forecast that AbbVie will post 11.19 earnings per share for the current year.

AbbVie Announces Dividend

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 given a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.88%. AbbVie’s dividend payout ratio is 227.11%.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 383,324 shares of company stock valued at $67,780,003. Company insiders own 0.25% of the company’s stock.

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.