AbbVie (NYSE:ABBV) Updates FY 2024 Earnings Guidance

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

AbbVie Trading Down 0.8 %

Shares of ABBV traded down $1.39 during mid-day trading on Monday, hitting $179.83. The company had a trading volume of 6,294,154 shares, compared to its average volume of 4,922,918. AbbVie has a 1-year low of $153.58 and a 1-year high of $207.32. The business’s 50-day simple moving average is $180.39 and its 200-day simple moving average is $184.31. The stock has a market cap of $317.78 billion, a PE ratio of 62.44, a P/E/G ratio of 1.92 and a beta of 0.58. 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 issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping 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 analyst estimates of $14.28 billion. During the same period last year, the company posted $2.95 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts forecast that AbbVie will post 10.96 earnings per share for the current 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 dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.65%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 227.78%.

Analyst Ratings Changes

A number of brokerages have weighed in on ABBV. UBS Group lifted their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. Wells Fargo & Company increased their price target on AbbVie to $195.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a research note on Thursday, December 5th. Finally, Truist Financial upped their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Five 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.70.

Insider Buying and Selling at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.25% of the stock is currently 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.