AbbVie (NYSE:ABBV) Issues FY24 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY24 earnings guidance on Friday morning. The company provided EPS guidance of $11.13-$11.33 for the period, compared to the consensus EPS estimate of $11.12.

AbbVie Stock Performance

Shares of ABBV stock opened at $167.28 on Friday. The firm’s 50 day moving average price is $174.94 and its 200-day moving average price is $160.67. 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 one year low of $130.96 and a one year high of $182.89. The firm has a market cap of $296.19 billion, a P/E ratio of 61.27, a P/E/G ratio of 2.13 and a beta of 0.58.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. The firm had revenue of $14.30 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.60 EPS. As a group, equities research analysts predict that AbbVie will post 11.19 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the sale, the executive vice president now owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 383,324 shares of company stock worth $67,780,003. Insiders own 0.25% of the company’s stock.

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.