AbbVie (NYSE:ABBV) Issues FY 2024 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 10.970-11.170 for the period, compared to the consensus EPS estimate of 11.190. The company issued revenue guidance of -. AbbVie also updated its FY24 guidance to $10.97-11.17 EPS.

AbbVie Stock Performance

ABBV stock traded down $3.35 on Wednesday, hitting $177.34. The company’s stock had a trading volume of 5,891,414 shares, compared to its average volume of 5,647,010. The stock has a market cap of $314.01 billion, a price-to-earnings ratio of 65.56, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. AbbVie has a 1 year low of $130.96 and a 1 year high of $182.89. The firm has a 50 day moving average of $175.80 and a two-hundred day moving average of $158.87.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. The company had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. AbbVie’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.60 EPS. Equities analysts predict that AbbVie will post 11.15 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. 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 payout ratio is currently 227.11%.

Analyst Ratings Changes

A number of brokerages have commented on ABBV. William Blair upgraded shares of AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. HSBC cut shares of AbbVie from a buy rating to a hold rating and lowered their price target for the stock from $167.00 to $156.00 in a research note on Monday, December 18th. BMO Capital Markets upped their price target on shares of AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a research note on Monday, February 5th. The Goldman Sachs Group raised shares of AbbVie from a neutral rating to a buy rating and set a $173.00 price target on the stock in a research note on Monday, December 11th. Finally, Guggenheim upped their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of Moderate Buy and an average target price of $177.43.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the transaction, the executive vice president now owns 60,941 shares in the company, valued at $10,895,641.39. The disclosure for this sale can be found here. In the last three months, insiders have sold 383,324 shares of company stock valued at $67,780,003. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Retirement Income Solutions Inc purchased a new stake in shares of AbbVie during the first quarter valued at approximately $204,000. Ergoteles LLC raised its stake in shares of AbbVie by 17.8% during the first quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock valued at $909,000 after purchasing an additional 847 shares during the period. First Western Trust Bank purchased a new stake in shares of AbbVie during the first quarter valued at approximately $1,150,000. Wsfs Capital Management LLC purchased a new stake in shares of AbbVie during the first quarter valued at approximately $562,000. Finally, Bridgewater Associates LP raised its stake in shares of AbbVie by 80.4% during the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after purchasing an additional 33,661 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

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.