AbbVie (NYSE:ABBV) Issues FY24 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY24 earnings guidance on Friday morning. 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.

AbbVie Trading Down 4.6 %

Shares of AbbVie stock opened at $159.62 on Friday. The firm has a market capitalization of $282.63 billion, a price-to-earnings ratio of 58.47, a PEG ratio of 2.13 and a beta of 0.58. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The stock has a 50 day moving average of $174.59 and a 200 day moving average of $160.74.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.11. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period in the prior year, the business posted $2.46 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, research analysts predict that AbbVie will post 11.19 earnings per share for the current year.

AbbVie Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently commented on ABBV. BMO Capital Markets raised their price target on AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Raymond James increased their price objective on AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a research note on Monday, February 5th. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the company a buy rating in a research note on Friday, March 22nd. William Blair upgraded AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. Finally, Truist Financial increased their price objective on AbbVie from $180.00 to $195.00 and gave the company a buy rating in a research note on Tuesday, February 6th. Three 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. According to data from MarketBeat, AbbVie currently has a consensus rating of Moderate Buy and an average target price of $177.43.

Insider Buying and Selling at AbbVie

In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the sale, the chief financial officer now directly owns 27,065 shares in the company, valued at $4,802,413.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Scott T. Reents sold 14,140 shares of AbbVie stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the sale, the chief financial officer now owns 27,065 shares in the company, valued at $4,802,413.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,233,546.95. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock worth $67,780,003 over the last ninety days. 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.