AbbVie (NYSE:ABBV) Issues Q1 Earnings Guidance

AbbVie (NYSE:ABBVGet Free Report) updated its first quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $2.26-$2.30 for the period, compared to the consensus estimate of $2.38. AbbVie also updated its FY24 guidance to $11.05-$11.25 EPS.

AbbVie Price Performance

Shares of AbbVie stock opened at $174.08 on Monday. AbbVie has a 52 week low of $130.96 and a 52 week high of $175.91. The company’s 50-day moving average price is $159.86 and its two-hundred day moving average price is $151.31. The stock has a market cap of $313.34 billion, a PE ratio of 63.77, a price-to-earnings-growth ratio of 2.21 and a beta of 0.57. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 4.59.

AbbVie (NYSE:ABBVGet Free Report) last issued its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. AbbVie had a return on equity of 154.73% and a net margin of 8.95%. The business had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the company posted $3.60 earnings per share. AbbVie’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie will post 11.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on ABBV. Raymond James lifted their target price on AbbVie from $181.00 to $189.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Truist Financial increased their target price on AbbVie from $180.00 to $195.00 and gave the stock a buy rating in a report on Tuesday, February 6th. BMO Capital Markets increased their price objective on AbbVie from $187.00 to $195.00 and gave the company an outperform rating in a research report on Monday, February 5th. HSBC cut shares of 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, The Goldman Sachs Group raised shares of AbbVie from a neutral rating to a buy rating and set a $173.00 price objective on the stock in a research note on Monday, December 11th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $175.36.

Read Our Latest Research Report on AbbVie

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 2,912 shares of the firm’s stock in a transaction on Tuesday, December 26th. The shares were sold at an average price of $154.72, for a total transaction of $450,544.64. Following the sale, the executive vice president now owns 55,903 shares in the company, valued at approximately $8,649,312.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On AbbVie

Institutional investors and hedge funds have recently bought and sold shares of the business. Morgan Stanley lifted its holdings in shares of AbbVie by 17.9% during the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after purchasing an additional 4,785,277 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after buying an additional 29,170,366 shares during the last quarter. Norges Bank bought a new stake in AbbVie in the fourth quarter worth $3,033,348,000. Charles Schwab Investment Management Inc. grew its stake in shares of AbbVie by 2.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 8,904,988 shares of the company’s stock worth $1,443,588,000 after acquiring an additional 176,026 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of AbbVie by 36.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,968,157 shares of the company’s stock worth $802,898,000 after purchasing an additional 1,320,349 shares during the last quarter. Hedge funds and other institutional investors own 67.86% of the company’s stock.

About AbbVie

(Get Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Beh├žet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.

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Earnings History and Estimates for AbbVie (NYSE:ABBV)

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