AbbVie (NYSE:ABBV) Issues FY 2024 Earnings Guidance

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

AbbVie Price Performance

NYSE ABBV traded down $1.44 on Thursday, hitting $195.38. 3,453,366 shares of the company’s stock were exchanged, compared to its average volume of 5,339,617. AbbVie has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock has a 50-day moving average of $193.17 and a 200-day moving average of $176.74. The stock has a market cap of $345.02 billion, a price-to-earnings ratio of 57.98, a P/E/G ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share 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 firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the business posted $2.91 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts expect that AbbVie will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

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 given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ABBV shares. Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a report on Friday, July 26th. William Blair upgraded shares of AbbVie to a strong-buy rating in a research report on Friday, August 30th. Barclays upped their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an overweight rating in a research report on Friday, July 26th. HSBC raised AbbVie from a hold rating to a buy rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Finally, Morgan Stanley raised their target price on AbbVie from $211.00 to $218.00 and gave the stock an overweight rating in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $191.64.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was 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 of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’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 owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

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.