AbbVie (NYSE:ABBV) Issues Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 3.050-3.090 for the period, compared to the consensus EPS estimate of 2.810. The company issued revenue guidance of $14.0 billion-$14.0 billion, compared to the consensus revenue estimate of $13.6 billion. AbbVie also updated its FY24 guidance to $11.13-$11.33 EPS.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ABBV. BMO Capital Markets raised their price target on AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Raymond James lifted their price objective on AbbVie from $181.00 to $189.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Truist Financial lifted their price objective on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a research report on Tuesday, February 6th. William Blair upgraded AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Finally, Barclays lifted their price objective on AbbVie from $185.00 to $195.00 and gave the stock an overweight rating in a research report on Wednesday, March 27th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $177.43.

AbbVie Stock Down 4.6 %

NYSE:ABBV traded down $7.67 during trading hours on Friday, reaching $159.62. 10,709,214 shares of the company traded hands, compared to its average volume of 5,657,401. The business’s 50-day moving average price is $174.94 and its two-hundred day moving average price is $160.67. The stock has a market capitalization of $282.63 billion, a P/E ratio of 58.47, a P/E/G ratio of 2.13 and a beta of 0.58. AbbVie has a 1 year low of $130.96 and a 1 year high of $182.89. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.11. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.46 earnings per share. Analysts predict that AbbVie will post 11.19 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Friday, April 12th. AbbVie’s payout ratio is 227.11%.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the transaction, the executive vice president now owns 55,903 shares in the company, valued at $9,855,698.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the transaction, the executive vice president now owns 55,903 shares in the company, valued at $9,855,698.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 over the last quarter. 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.