AbbVie (NYSE:ABBV) Issues FY24 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $10.67-10.87 for the period, compared to the consensus EPS estimate of $10.88. AbbVie also updated its Q3 guidance to $2.88-2.92 EPS.

AbbVie Price Performance

ABBV stock traded down $1.37 during mid-day trading on Thursday, hitting $195.45. 3,232,366 shares of the stock were exchanged, compared to its average volume of 5,338,455. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business has a fifty day moving average price of $192.90 and a 200 day moving average price of $176.61. AbbVie has a 12 month low of $135.85 and a 12 month high of $199.95. The stock has a market capitalization of $345.14 billion, a price-to-earnings ratio of 58.17, a PEG ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the business posted $2.91 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.17%. AbbVie’s payout ratio is presently 183.98%.

Analyst Ratings Changes

Several research analysts recently commented on ABBV shares. William Blair upgraded AbbVie to a strong-buy rating in a research report on Friday, August 30th. HSBC raised shares of AbbVie from a hold rating to a buy rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. Piper Sandler lifted their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an overweight rating in a report on Friday, August 23rd. Cantor Fitzgerald reissued an overweight rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Finally, Piper Sandler Companies reiterated an overweight rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $191.64.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the 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 owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Company Profile

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.