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 Stock Performance

NYSE:ABBV traded down $7.67 during midday trading on Friday, hitting $159.62. The company’s stock had a trading volume of 10,709,214 shares, compared to its average volume of 5,657,401. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The firm’s 50 day moving average is $174.59 and its 200-day moving average is $160.74. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The firm has a market cap of $282.63 billion, a P/E ratio of 58.47, a P/E/G ratio of 2.13 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results 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 net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter in the prior year, the company earned $2.46 EPS. AbbVie’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts anticipate that AbbVie will post 11.19 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have commented on ABBV shares. Guggenheim upped their price objective on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Truist Financial raised their target price on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a research note on Tuesday, February 6th. William Blair raised AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Barclays lifted their target price on AbbVie from $185.00 to $195.00 and gave the company an overweight rating in a research report on Wednesday, March 27th. Finally, BMO Capital Markets lifted their target price on AbbVie from $187.00 to $195.00 and gave the company an outperform rating in a research report on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $177.43.

Insider Activity

In related news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is currently owned by company 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.