AbbVie (NYSE:ABBV) Issues Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV - Get Free Report) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 3.050-3.090 for the period, compared to the consensus 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.

AbbVie Stock Performance

NYSE:ABBV traded down $7.67 during trading hours on Friday, reaching $159.62. 10,709,214 shares of the stock were exchanged, compared to its average volume of 5,657,401. 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. The firm has a 50 day simple moving average of $174.94 and a 200-day simple moving average of $160.67. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. AbbVie has a 52 week low of $130.96 and a 52 week high of $182.89.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.11. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm had revenue of $12.31 billion for the quarter, compared to analysts' expectations of $11.93 billion. During the same period last year, the business posted $2.46 earnings per share. The firm's revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie will post 11.19 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Truist Financial raised their target price on AbbVie from $180.00 to $195.00 and gave the company a buy rating in a research note on Tuesday, February 6th. Barclays raised their price target on shares of AbbVie from $185.00 to $195.00 and gave the company an overweight rating in a research note on Wednesday, March 27th. William Blair raised AbbVie from a market perform rating to an outperform rating in a report on Monday, January 29th. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a report on Friday, March 22nd. Finally, BMO Capital Markets lifted their target price on AbbVie from $187.00 to $195.00 and gave the company an outperform rating in a research note on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, AbbVie presently has a consensus rating of Moderate Buy and a consensus target price of $177.43.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the completion of the sale, the executive vice president now directly owns 243,944 shares of the company's stock, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other AbbVie news, EVP Perry C. Siatis sold 13,753 shares of the business's stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $177.51, for a total value of $2,441,295.03. Following the completion of the sale, the executive vice president now directly owns 28,173 shares of the company's stock, valued at $5,000,989.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction on 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 of the company's stock, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is owned by corporate insiders.

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.

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