AbbVie (NYSE:ABBV) Issues FY24 Earnings Guidance

AbbVie (NYSE:ABBV) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $10.71-10.91 for the period, compared to the consensus EPS estimate of $10.78.

AbbVie Stock Up 3.4 %

NYSE ABBV traded up $5.96 during trading on Thursday, reaching $182.17. 9,413,645 shares of the company’s stock traded hands, compared to its average volume of 5,563,175. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The firm has a market cap of $321.69 billion, a price-to-earnings ratio of 54.06, a price-to-earnings-growth ratio of 2.20 and a beta of 0.64. The company’s 50 day simple moving average is $167.30 and its two-hundred day simple moving average is $169.38. AbbVie has a 12-month low of $135.85 and a 12-month high of $186.11.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter last year, the business posted $2.46 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie will post 10.76 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.40%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price objective on AbbVie from $180.00 to $214.00 and gave the stock an outperform rating in a research report on Friday, July 19th. Morgan Stanley raised their price objective on shares of AbbVie from $191.00 to $196.00 and gave the company an overweight rating in a report on Thursday, July 11th. Cantor Fitzgerald restated an overweight rating and set a $200.00 price target on shares of AbbVie in a research note on Tuesday, July 9th. HSBC raised AbbVie from a hold rating to a buy rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Finally, Piper Sandler Companies reiterated an overweight rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of Moderate Buy and a consensus price target of $185.31.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated 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 transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company 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.