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 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 %

ABBV stock opened at $159.62 on Monday. The stock has a market capitalization of $282.63 billion, a price-to-earnings ratio of 47.36, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. The company has a 50-day moving average of $174.59 and a two-hundred day moving average of $160.90. AbbVie has a 52-week low of $130.96 and a 52-week high of $182.89. 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 issued its quarterly earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.46 EPS. As a group, equities research 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. Shareholders of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a report on Monday, February 5th. Guggenheim lifted their price objective on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a report on Friday, March 22nd. Barclays lifted their price objective on AbbVie from $185.00 to $195.00 and gave the stock an overweight rating in a report on Wednesday, March 27th. William Blair raised AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. Finally, Raymond James boosted their price target on AbbVie from $181.00 to $189.00 and gave the company an outperform rating in a research note on Monday, February 5th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $176.08.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction 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 transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $10,895,641.39. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is currently owned by corporate 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.