AbbVie (NYSE:ABBV) Releases FY24 Earnings Guidance

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

AbbVie Stock Down 4.6 %

Shares of NYSE ABBV opened at $159.62 on Friday. AbbVie has a 52-week low of $130.96 and a 52-week high of $182.89. The firm has a fifty day moving average of $174.59 and a 200-day moving average of $160.74. The stock has a market capitalization of $282.63 billion, a PE ratio of 58.47, a P/E/G ratio of 2.13 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the previous year, the company earned $2.46 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. On average, analysts anticipate that AbbVie will post 11.19 EPS for the current year.

AbbVie Announces Dividend

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

Analyst Ratings Changes

A number of brokerages recently weighed in on ABBV. William Blair raised shares of AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Raymond James upped their price target on shares of AbbVie from $181.00 to $189.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Truist Financial upped their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a research report on Tuesday, February 6th. Barclays upped their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock an overweight rating in a research report on Wednesday, March 27th. Finally, BMO Capital Markets upped their price target on shares of AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a research report on Monday, February 5th. 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. According to MarketBeat, AbbVie has a consensus rating of Moderate Buy and an average price target of $177.43.

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,233,546.95. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Perry C. Siatis sold 13,753 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $177.51, for a total transaction of $2,441,295.03. Following the completion of the sale, the executive vice president now owns 28,173 shares in the company, valued at approximately $5,000,989.23. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 in the last ninety days. 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.