AbbVie (NYSE:ABBV) Releases Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 3.050-3.090 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Truist Financial boosted their target price on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a report on Tuesday, February 6th. Barclays upped their price target on AbbVie from $185.00 to $195.00 and gave the company an overweight rating in a research report on Wednesday, March 27th. 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 stock an outperform rating in a research report on Monday, February 5th. Finally, Guggenheim upped their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a buy rating in a research report on Friday, March 22nd. Three investment 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 company’s stock. According to MarketBeat, AbbVie currently has an average rating of Moderate Buy and a consensus price target of $177.43.

AbbVie Stock Down 4.6 %

AbbVie stock opened at $159.62 on Friday. 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 simple moving average of $174.59 and a 200 day simple moving average of $160.74. The company has a market cap 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. AbbVie has a 1-year low of $130.96 and a 1-year high of $182.89.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the previous year, the company earned $2.46 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Research analysts anticipate that AbbVie will post 11.19 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 55,903 shares in the company, valued at approximately $9,855,698.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 in the last three months. 0.25% of the stock is currently owned by company insiders.

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.