AbbVie (NYSE:ABBV) Releases FY 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 10.710-10.910 for the period, compared to the consensus EPS estimate of 10.880. The company issued revenue guidance of -. AbbVie also updated its FY24 guidance to $10.67-10.87 EPS.

Analysts Set New Price Targets

A number of research analysts have recently commented on ABBV shares. Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an overweight rating in a report on Friday, August 23rd. Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a research note on Friday, July 26th. Piper Sandler Companies reaffirmed an overweight rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Morgan Stanley increased their price target on AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research note on Monday, August 12th. Finally, William Blair upgraded AbbVie to a strong-buy rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of Moderate Buy and a consensus target price of $191.64.

AbbVie Stock Performance

Shares of ABBV stock opened at $194.29 on Friday. The stock has a market capitalization of $343.09 billion, a PE ratio of 57.65, a PEG ratio of 2.65 and a beta of 0.63. The business’s 50 day simple moving average is $193.35 and its 200 day simple moving average is $176.83. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie has a one year low of $135.85 and a one year high of $199.95.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the firm posted $2.91 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, research analysts forecast that AbbVie will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.