AbbVie (NYSE:ABBV) Updates Q4 2024 Earnings Guidance

AbbVie (NYSE:ABBV) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.940-2.980 for the period, compared to the consensus earnings per share estimate of 2.950. The company issued revenue guidance of $14.8 billion-$14.8 billion, compared to the consensus revenue estimate of $14.6 billion.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Sanford C. Bernstein assumed coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Bank of America increased their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company raised their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

AbbVie Stock Up 6.4 %

Shares of AbbVie stock opened at $201.55 on Thursday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie has a 52-week low of $135.85 and a 52-week high of $202.35. The stock has a market capitalization of $355.91 billion, a price-to-earnings ratio of 59.81, a P/E/G ratio of 2.66 and a beta of 0.63. The company’s 50 day moving average price is $193.85 and its 200-day moving average price is $178.91.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.25%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by company 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.