AbbVie (NYSE:ABBV) Releases FY 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 10.020-10.060 for the period, compared to the consensus earnings per share estimate of 10.940. The company issued revenue guidance of -. AbbVie also updated its Q4 2024 guidance to 2.060-2.100 EPS.

AbbVie Stock Down 0.3 %

Shares of NYSE:ABBV opened at $179.59 on Wednesday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie has a 52-week low of $153.58 and a 52-week high of $207.32. The business’s 50 day simple moving average is $180.00 and its two-hundred day simple moving average is $184.42. The firm has a market cap of $317.36 billion, a P/E ratio of 62.36, a PEG ratio of 1.92 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $2.95 EPS. As a group, research analysts forecast that AbbVie will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is 227.78%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Barclays upped their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a report on Tuesday, December 17th. Piper Sandler raised their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Finally, Bank of America restated a “neutral” rating and set a $191.00 price target on shares of AbbVie in a research note on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $205.70.

Insider Buying and Selling at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company 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.