NORTH CHICAGO, Ill. - AbbVie Inc . (NYSE: NYSE:ABBV), a biopharmaceutical company, announced today that its board of directors has approved a quarterly cash dividend of $1.55 per share. This dividend is slated for payment on August 15, 2024, to shareholders who are on record as of July 15, 2024.
The company, known for its work in several key therapeutic areas including immunology and oncology, has a history of increasing its dividend. Since its establishment in 2013, AbbVie has raised its dividend by more than 285 percent.
The firm's consistent dividend increases have earned it a spot in the S&P Dividend Aristocrats Index, a prestigious index that includes companies with a track record of raising their dividends for at least 25 consecutive years.
While the press release highlights AbbVie's commitment to innovation and its aim to have a significant impact on health issues through its medicines and services, the focus of this announcement is the declared dividend. Dividends are a way for companies to return profits to their shareholders, and AbbVie's consistent increase in dividends reflects its financial performance and dedication to its shareholders' interests.
This announcement is based on a press release statement from AbbVie and provides shareholders and potential investors with important financial information regarding the company's upcoming dividend payment.
In other recent news, major developments have been unfolding at AbbVie. Piper Sandler has raised its price target for AbbVie from $185.00 to $190.00, maintaining an Overweight rating based on new survey data and the anticipated EU approval of a key drug. The firm's revised model reflects a shift in revenue from Humira to Skyrizi, with minor adjustments to the already optimistic estimates for Rinvoq. This adjustment anticipates increased revenue for AbbVie in the coming years.
AbbVie has also finalized the acquisition of Landos Biopharma, adding the promising investigational drug, NX-13, to its portfolio. Furthermore, the company has partnered with FutureGen Biopharmaceutical to develop FG-M701, a novel TL1A antibody aimed at treating inflammatory bowel disease.
Deutsche Bank has reiterated its Hold rating on AbbVie shares, based on data indicating that Humira, AbbVie's flagship arthritis medication, maintained an 81.9% share of the Adalimumab market. Cantor Fitzgerald has initiated coverage on AbbVie, assigning an Overweight rating and establishing a 12-month price target of $200.
These recent developments occur amidst AbbVie's involvement in the opioid crisis settlements, which exceed $46 billion, resulting from lawsuits brought by local and Native American tribal governments against pharmaceutical manufacturers, distributors, and pharmacies.
InvestingPro Insights
AbbVie Inc. (NYSE: ABBV) continues to demonstrate its commitment to shareholder returns with the recent declaration of its quarterly cash dividend. Echoing this sentiment, an InvestingPro Tip highlights that AbbVie has raised its dividend for 11 consecutive years, showcasing a robust track record that aligns with its inclusion in the S&P Dividend Aristocrats Index.
Moreover, the company's financial health is underlined by its strong fundamentals. According to InvestingPro Data, AbbVie boasts a substantial market capitalization of $303.96 billion, reflecting its significant presence in the biopharmaceutical industry.
The company's dividend yield stands at an attractive 3.6%, offering investors a compelling income stream. The data also indicates a price close to its 52-week high, with the stock trading at 94.12% of this peak, which may suggest investor confidence in the company's performance and outlook.
For those interested in a deeper dive into AbbVie's financials and future prospects, InvestingPro offers a wealth of additional InvestingPro Tips, with further analysis on the company's expected net income growth, strong free cash flow yield, and its position as a prominent player in the Biotechnology industry. Subscribers can access these valuable insights and more by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 12 additional InvestingPro Tips available, providing a comprehensive understanding of AbbVie's investment potential.
As AbbVie prepares for its next earnings date on July 26, 2024, investors have much to consider, including the company's consistent track record of dividend growth and its strategic position in the market. With the added context provided by InvestingPro, stakeholders are better equipped to evaluate AbbVie's ongoing financial journey.
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