AbbVie (NYSE:ABBV) Updates FY 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 10.020-10.060 for the period, compared to the consensus EPS estimate of 10.940. The company issued revenue guidance of -. AbbVie also updated its Q4 2024 guidance to 2.060-2.100 EPS.

AbbVie Price Performance

Shares of ABBV stock opened at $179.59 on Wednesday. The business has a fifty day simple moving average of $180.00 and a 200 day simple moving average of $184.42. The company has a market cap of $317.36 billion, a P/E ratio of 62.36, a P/E/G ratio of 1.92 and a beta of 0.58. AbbVie has a twelve month low of $153.58 and a twelve month high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the prior year, the business posted $2.95 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.65%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 227.78%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Daiwa America lowered AbbVie from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a report on Thursday, December 5th. Finally, Morgan Stanley lowered their price objective on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.70.

Insider Activity at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by corporate 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.