AbbVie (NYSE:ABBV) Releases Q1 Earnings Guidance

AbbVie (NYSE:ABBV) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.18-2.22 for the period, compared to the consensus earnings per share estimate of $2.33. AbbVie also updated its FY24 guidance to $10.97-11.17 EPS.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. The Goldman Sachs Group raised AbbVie from a neutral rating to a buy rating and set a $173.00 price target for the company in a research note on Monday, December 11th. Barclays lifted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company an overweight rating in a research note on Wednesday, March 27th. Truist Financial boosted their price target on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a report on Tuesday, February 6th. HSBC lowered AbbVie from a buy rating to a hold rating and reduced their price objective for the company from $167.00 to $156.00 in a research note on Monday, December 18th. Finally, Raymond James increased 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. Four equities research 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 company’s stock. According to data from MarketBeat, AbbVie presently has an average rating of Moderate Buy and an average price target of $177.43.

AbbVie Trading Down 1.9 %

Shares of ABBV stock traded down $3.36 on Wednesday, hitting $177.33. The company had a trading volume of 5,876,983 shares, compared to its average volume of 5,646,614. The stock’s 50-day moving average is $175.80 and its two-hundred day moving average is $158.87. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The firm has a market cap of $313.99 billion, a P/E ratio of 65.56, a P/E/G ratio of 2.30 and a beta of 0.58. AbbVie has a twelve month low of $130.96 and a twelve month high of $182.89.

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

AbbVie Dividend Announcement

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

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the sale, the executive vice president now owns 55,903 shares in the company, valued at approximately $9,855,698.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock valued at $67,780,003 over the last 90 days. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. PCA Investment Advisory Services Inc. purchased a new position in shares of AbbVie in the 2nd quarter worth approximately $38,000. True Wealth Design LLC purchased a new position in AbbVie in the fourth quarter worth $39,000. Aspect Partners LLC bought a new position in AbbVie in the 4th quarter valued at $44,000. KB Financial Partners LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at $45,000. Finally, Sanctuary Wealth Management L.L.C. bought a new stake in shares of AbbVie during the 4th quarter worth $46,000. 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.