AbbVie (NYSE:ABBV) Issues Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 3.050-3.090 for the period, compared to the consensus earnings per share estimate of 2.810. The company issued revenue guidance of $14.0 billion-$14.0 billion, compared to the consensus revenue estimate of $13.6 billion. AbbVie also updated its FY24 guidance to $11.13-$11.33 EPS.

Analysts Set New Price Targets

A number of research firms recently weighed in on ABBV. Barclays upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock an overweight rating in a report on Wednesday, March 27th. Truist Financial increased their price objective on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a research report on Tuesday, February 6th. Guggenheim boosted their target price on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Raymond James upped their target price on AbbVie from $181.00 to $189.00 and gave the stock an outperform rating in a research note on Monday, February 5th. Finally, William Blair upgraded AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of Moderate Buy and an average price target of $177.43.

AbbVie Stock Down 4.6 %

Shares of AbbVie stock opened at $159.62 on Friday. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. AbbVie has a 52-week low of $130.96 and a 52-week high of $182.89. The company’s 50 day moving average price is $174.59 and its 200-day moving average price is $160.74. The stock has a market capitalization of $282.63 billion, a price-to-earnings ratio of 58.47, a P/E/G ratio of 2.13 and a beta of 0.58.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.11. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $2.46 EPS. Equities research analysts forecast that AbbVie will post 11.19 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. 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 payout ratio is 227.11%.

Insider Transactions at AbbVie

In related news, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was 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 disclosure for this sale can be found here. In the last three months, insiders have sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is currently owned by insiders.

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.