AbbVie (NYSE:ABBV) Releases FY 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 10.610-10.810 for the period, compared to the consensus EPS estimate of 11.250. The company issued revenue guidance of -. AbbVie also updated its Q2 2024 guidance to 2.530-2.570 EPS.

AbbVie Price Performance

Shares of ABBV traded up $2.09 during mid-day trading on Friday, reaching $165.93. The company had a trading volume of 1,067,998 shares, compared to its average volume of 5,621,923. AbbVie has a twelve month low of $132.70 and a twelve month high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company’s 50-day moving average is $164.43 and its 200-day moving average is $167.77. The company has a market capitalization of $293.01 billion, a P/E ratio of 48.89, a P/E/G ratio of 2.10 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the prior year, the firm posted $2.46 EPS. AbbVie’s quarterly revenue was up .7% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.74%. AbbVie’s dividend payout ratio is 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed an overweight rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday. Piper Sandler Companies restated an overweight rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday. BMO Capital Markets reduced their price target on AbbVie from $195.00 to $180.00 and set an outperform rating on the stock in a research report on Monday, April 29th. Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a report on Friday, March 22nd. Finally, Barclays reduced their target price on AbbVie from $195.00 to $187.00 and set an overweight rating on the stock in a report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $181.07.

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.