AbbVie (NYSE:ABBV) Issues Q2 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided EPS guidance of 2.530-2.570 for the period, compared to the consensus EPS estimate of 3.050. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.610-10.810 EPS.

AbbVie Price Performance

ABBV stock traded up $2.09 during mid-day trading on Friday, reaching $165.93. 1,067,998 shares of the company’s stock were exchanged, compared to its average volume of 5,621,923. The company has a market cap of $293.01 billion, a price-to-earnings ratio of 48.89, a price-to-earnings-growth ratio of 2.10 and a beta of 0.64. The stock’s 50 day moving average is $164.43 and its 200 day moving average is $167.77. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. AbbVie has a 12-month low of $132.70 and a 12-month high of $182.89.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $2.46 earnings per share. On average, research analysts expect that AbbVie will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 3.74%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent analyst reports. HSBC raised AbbVie from a hold rating to a buy rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Piper Sandler Companies reiterated an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday. Barclays decreased their target price on AbbVie from $195.00 to $187.00 and set an overweight rating for the company in a report on Monday, April 29th. BMO Capital Markets decreased their target price on AbbVie from $195.00 to $180.00 and set an outperform rating for the company in a report on Monday, April 29th. Finally, Piper Sandler reiterated an overweight rating and issued a $190.00 target price on shares of AbbVie in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $181.07.

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.