AbbVie (NYSE:ABBV) Issues FY24 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share guidance of $11.13-$11.33 for the period, compared to the consensus earnings per share estimate of $11.12. AbbVie also updated its Q2 2024 guidance to 3.050-3.090 EPS.

AbbVie Stock Down 4.6 %

NYSE:ABBV opened at $159.62 on Friday. AbbVie has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a 50-day moving average of $174.59 and a 200 day moving average of $160.82. The firm has a market cap of $282.63 billion, a PE ratio of 58.47, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. 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 firm earned $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 anticipate that AbbVie will post 11.19 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Analysts Set New Price Targets

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

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s 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 sale, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $178.79, for a total value of $10,539,491.71. Following the sale, the executive vice president now owns 60,941 shares in the company, valued at approximately $10,895,641.39. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s 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 completion of the sale, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. 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 quarter. 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.