AbbVie (NYSE:ABBV) Releases Q2 2024 Earnings Guidance

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

Analysts Set New Price Targets

Several research firms have issued reports on ABBV. BMO Capital Markets decreased their price target on shares of AbbVie from $195.00 to $180.00 and set an outperform rating on the stock in a research note on Monday, April 29th. Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Piper Sandler reissued an overweight rating and issued a $190.00 target price on shares of AbbVie in a research report on Tuesday. Barclays decreased their target price on shares of AbbVie from $195.00 to $187.00 and set an overweight rating on the stock in a research report on Monday, April 29th. Finally, HSBC raised shares of AbbVie from a hold rating to a buy rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $181.07.

AbbVie Trading Up 1.3 %

Shares of AbbVie stock traded up $2.09 during trading on Friday, hitting $165.93. The stock had a trading volume of 1,067,998 shares, compared to its average volume of 5,621,923. The stock has a 50 day simple moving average of $164.43 and a 200 day simple moving average of $167.77. The company has a market capitalization of $293.01 billion, a PE ratio of 48.89, a P/E/G ratio of 2.10 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie has a 1 year low of $132.70 and a 1 year 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, topping 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 net margin of 11.02% and a return on equity of 179.47%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm posted $2.46 earnings per share. On average, research analysts expect that AbbVie will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

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.