AbbVie (NYSE:ABBV) Releases FY 2024 Earnings Guidance

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

Analyst Ratings Changes

Several analysts have recently commented on the company. Barclays increased their target price on AbbVie from $187.00 to $200.00 and gave the stock an overweight rating in a report on Friday, July 26th. Piper Sandler Companies reissued an overweight rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Morgan Stanley upped their price target on AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research note on Monday, August 12th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Finally, Wells Fargo & Company boosted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an overweight rating in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $191.64.

AbbVie Stock Down 0.7 %

Shares of NYSE ABBV traded down $1.44 during midday trading on Thursday, reaching $195.38. The company’s stock had a trading volume of 3,453,366 shares, compared to its average volume of 5,339,617. AbbVie has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The stock has a 50 day simple moving average of $193.17 and a 200-day simple moving average of $176.74. The stock has a market capitalization of $345.02 billion, a price-to-earnings ratio of 57.98, a PEG ratio of 2.65 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

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

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by 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.