AbbVie (NYSE:ABBV) Updates FY 2024 Earnings Guidance

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

AbbVie Stock Down 0.8 %

AbbVie stock traded down $1.39 on Monday, hitting $179.83. 6,300,887 shares of the stock traded hands, compared to its average volume of 4,922,918. The business’s fifty day simple moving average is $180.39 and its 200 day simple moving average is $184.31. The firm has a market cap of $317.78 billion, a P/E ratio of 62.44, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie has a 1 year low of $153.58 and a 1 year high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the prior year, the company earned $2.95 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie will post 10.96 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently declared 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 is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.65%. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABBV. Daiwa America downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. BMO Capital Markets reduced their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. UBS Group increased their price objective on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. Finally, Piper Sandler lifted their price target on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $205.70.

Insider Activity

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