AbbVie (NYSE:ABBV) Updates Q1 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its first quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.180-2.220 for the period, compared to the consensus earnings per share estimate of 2.330. The company issued revenue guidance of -. AbbVie also updated its FY 2024 guidance to 10.970-11.170 EPS.

AbbVie Price Performance

NYSE:ABBV traded down $3.35 during mid-day trading on Wednesday, reaching $177.34. The stock had a trading volume of 5,891,414 shares, compared to its average volume of 5,647,010. The stock has a 50-day simple moving average of $175.80 and a two-hundred day simple moving average of $158.87. The stock has a market capitalization of $314.01 billion, a PE ratio of 65.56, a P/E/G ratio of 2.30 and a beta of 0.58. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. AbbVie has a 12 month low of $130.96 and a 12 month high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. The business had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm posted $3.60 earnings per share. On average, equities analysts anticipate that AbbVie will post 11.15 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.50%. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Analysts Set New Price Targets

ABBV has been the topic of several recent research reports. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the company a buy rating in a report on Friday, March 22nd. Barclays lifted their price target on AbbVie from $185.00 to $195.00 and gave the company an overweight rating in a research note on Wednesday, March 27th. The Goldman Sachs Group raised AbbVie from a neutral rating to a buy rating and set a $173.00 price objective for the company in a research note on Monday, December 11th. Raymond James boosted their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an outperform rating in a report on Monday, February 5th. Finally, William Blair raised shares of AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has an average rating of Moderate Buy and a consensus target price of $177.43.

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Perry C. Siatis sold 9,891 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $177.39, for a total value of $1,754,564.49. Following the completion of the sale, the executive vice president now directly owns 10,397 shares of the company’s stock, valued at approximately $1,844,323.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 383,324 shares of company stock valued at $67,780,003. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of AbbVie

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC acquired a new position in AbbVie during the 4th quarter valued at about $39,000. KB Financial Partners LLC acquired a new position in AbbVie during the 1st quarter valued at about $45,000. PCA Investment Advisory Services Inc. acquired a new position in AbbVie during the 2nd quarter valued at about $38,000. Aspect Partners LLC bought a new position in shares of AbbVie in the fourth quarter worth $44,000. Finally, Sanctuary Wealth Management L.L.C. bought a new position in shares of AbbVie in the fourth quarter worth $46,000. 70.23% of the stock is owned by institutional investors.

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.