AbbVie (NYSE:ABBV) Issues FY24 Earnings Guidance

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

Analyst Ratings Changes

Several research firms recently weighed in on ABBV. Guggenheim increased their target price on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research report on Friday, March 22nd. BMO Capital Markets raised their price objective on AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a report on Monday, February 5th. Barclays raised their price objective on AbbVie from $185.00 to $195.00 and gave the stock an overweight rating in a report on Wednesday, March 27th. Raymond James raised their price objective on AbbVie from $181.00 to $189.00 and gave the stock an outperform rating in a report on Monday, February 5th. Finally, William Blair upgraded AbbVie from a market perform rating to an outperform rating in a report on Monday, January 29th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $177.43.

AbbVie Trading Down 4.6 %

Shares of NYSE ABBV opened at $159.62 on Friday. The company has a market cap of $282.63 billion, a price-to-earnings ratio of 58.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. AbbVie has a 12-month low of $130.96 and a 12-month high of $182.89. 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 stock’s 50 day simple moving average is $174.59 and its 200 day simple moving average is $160.82.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.46 EPS. Equities research analysts expect that AbbVie will post 11.19 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.88%. The ex-dividend date is Friday, April 12th. AbbVie’s payout ratio is currently 227.11%.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the sale, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was 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 owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. Insiders have sold 383,324 shares of company stock valued at $67,780,003 in the last quarter. Corporate 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.