NORTH CHICAGO, Ill. - AbbVie Inc . (NYSE: NYSE:ABBV) disclosed today that its board of directors has declared a quarterly cash dividend. The payment, set at $1.55 per share, is scheduled for distribution to shareholders on November 15, 2024, with a record date of October 15, 2024.
This announcement marks another step in AbbVie's history of providing dividends to its shareholders. Since its formation in 2013, the pharmaceutical company has increased its dividend payout by more than 285 percent. AbbVie's consistent dividend growth has earned it a place in the S&P Dividend Aristocrats Index, which comprises companies that have a track record of increasing their dividends for at least 25 years consecutively.
AbbVie, a research-driven biopharmaceutical company, is known for its work across several key therapeutic areas, including immunology, oncology, neuroscience, and eye care, as well as its Allergan (NYSE:AGN) Aesthetics portfolio. The company's commitment to innovation in medicine and solutions is aimed at addressing significant health issues today and preparing for the medical challenges of the future.
The information for this announcement is based on a press release statement from AbbVie.
In other recent news, AbbVie's branded and co-branded Humira prescriptions have seen a decline, according to Deutsche Bank (ETR:DBKGn)'s analysis. The firm reiterated a Hold rating on AbbVie, maintaining a steady price target of $175.00. This decrease in Humira prescriptions is due to increasing market share of Cordavis' Hyrimoz biosimilar and other market factors.
Goldman Sachs (NYSE:GS) and Piper Sandler have raised AbbVie's price target to $200 and $209 respectively, suggesting a positive outlook for the company. AbbVie's new drug, TEPKINLY, received conditional approval from the European Commission for treating adult patients with relapsed or refractory follicular lymphoma. The company also expanded its neuroscience portfolio by completing its acquisition of Cerevel Therapeutics.
Allergan Aesthetics, a subsidiary of AbbVie, introduced a new skincare product, SkinMedica® HA5® Hydra Collagen Replenish + Restore Hydrator. Additionally, the Biden administration initiated price negotiations with Medicare for ten high-cost prescription drugs, including AbbVie's Imbruvica, with the new prices set to take effect in 2026. These are the recent developments concerning AbbVie.
InvestingPro Insights
AbbVie Inc. (NYSE: ABBV) continues to demonstrate strong financial performance and commitment to shareholder returns. A key highlight for investors is the company's dividend history; AbbVie has raised its dividend for 11 consecutive years, reflecting a solid track record of shareholder value distribution. The latest declared quarterly cash dividend of $1.55 per share aligns with this history and underscores the company's confidence in its financial stability and future earnings potential.
InvestingPro Tips reveal that AbbVie is expected to see net income growth this year, which may provide further assurance to investors regarding the sustainability of the dividend payments. Additionally, the positive sentiment is echoed by 14 analysts who have revised their earnings estimates upwards for the upcoming period, suggesting that the financial community anticipates strong performance from the company.
From the real-time metrics provided by InvestingPro, AbbVie boasts a substantial market capitalization of $342.85 billion, indicating its prominent position in the biopharmaceutical industry. The company's P/E Ratio stands at a high 64.65, which, while indicative of investor confidence, also suggests a premium valuation. It's worth noting that the company's stock generally trades with low price volatility, which may appeal to investors seeking stable investments in the healthcare sector.
For those seeking more in-depth analysis and additional InvestingPro Tips, there are 13 more tips available that could provide further insights into AbbVie's financial health and market performance. This information can be accessed through InvestingPro's platform, offering a comprehensive view of the company's prospects.
AbbVie's commitment to innovation and its strategic focus on key therapeutic areas continue to anchor its position as a leading biopharmaceutical company. With a robust dividend history and positive outlook from analysts, AbbVie stands out as a potentially attractive option for dividend-seeking investors within the healthcare sector.
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