AbbVie (NYSE:ABBV) Releases Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 2.530-2.570 for the period, compared to the consensus earnings per share estimate of 3.050. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.610-10.810 EPS.

AbbVie Trading Up 1.3 %

AbbVie stock traded up $2.16 during midday trading on Friday, reaching $166.00. The stock had a trading volume of 993,954 shares, compared to its average volume of 5,621,344. The firm’s fifty day simple moving average is $164.43 and its two-hundred day simple moving average is $167.77. The firm has a market cap of $293.13 billion, a price-to-earnings ratio of 48.89, a PEG ratio of 2.10 and a beta of 0.64. 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.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given 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 dividend yield of 3.73%. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. BMO Capital Markets lowered their target price on shares of AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a research note on Monday, April 29th. Barclays lowered their price objective on shares of AbbVie from $195.00 to $187.00 and set an overweight rating for the company in a research report on Monday, April 29th. Piper Sandler Companies reissued an overweight rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday. Cantor Fitzgerald reissued an overweight rating and set a $200.00 price objective on shares of AbbVie in a research report on Thursday, June 20th. Finally, Guggenheim increased their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a report on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of Moderate Buy and an average price target of $181.07.

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.