AbbVie (NYSE:ABBV) Updates FY 2024 Earnings Guidance

by · The Markets Daily

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

AbbVie Stock Down 0.7 %

Shares of AbbVie stock opened at $195.38 on Friday. The company has a fifty day moving average price of $193.17 and a 200 day moving average price of $176.74. 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 has a twelve month low of $135.85 and a twelve month high of $199.95. The stock has a market cap of $345.02 billion, a price-to-earnings ratio of 57.98, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping 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 in the previous year, the business posted $2.91 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts forecast that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued 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 dividend payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ABBV. BMO Capital Markets boosted their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an outperform rating in a report on Friday, July 19th. Morgan Stanley boosted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an overweight rating in a report on Monday, August 12th. William Blair upgraded shares of AbbVie to a strong-buy rating in a report on Friday, August 30th. Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an overweight rating in a research note on Friday, July 26th. Finally, Barclays upped their target price on shares of AbbVie from $187.00 to $200.00 and gave the company 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 assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $191.64.

View Our Latest Report on AbbVie

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other AbbVie news, 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 value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated 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 transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Company Profile

(Get Free Report)

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.

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