AbbVie (NYSE:ABBV) Releases FY24 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $10.67-10.87 for the period, compared to the consensus EPS estimate of $10.88. AbbVie also updated its Q3 guidance to $2.88-2.92 EPS.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ABBV. Piper Sandler Companies reiterated an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. BMO Capital Markets upped their target price on AbbVie from $180.00 to $214.00 and gave the company an outperform rating in a report on Friday, July 19th. Cantor Fitzgerald reissued an overweight rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Morgan Stanley boosted their price target on AbbVie from $211.00 to $218.00 and gave the company an overweight rating in a research note on Monday, August 12th. Finally, Truist Financial reissued a buy rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of Buy and a consensus target price of $191.64.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $1.37 during midday trading on Thursday, hitting $195.45. 3,232,366 shares of the company’s stock were exchanged, compared to its average volume of 5,338,455. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie has a 12 month low of $135.85 and a 12 month high of $199.95. The company’s 50 day moving average price is $192.90 and its 200 day moving average price is $176.61. The firm has a market capitalization of $345.14 billion, a PE ratio of 58.17, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the previous year, the firm earned $2.91 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, analysts predict that AbbVie will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced 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 payout ratio is presently 183.98%.

Insider Buying and Selling at AbbVie

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 stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

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.