AbbVie (NYSE:ABBV) Releases FY 2024 Earnings Guidance

AbbVie (NYSE:ABBVGet Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 11.050-11.250 for the period, compared to the consensus estimate of 11.240. The company issued revenue guidance of -. AbbVie also updated its FY24 guidance to $11.05-11.25 EPS.

AbbVie Trading Up 0.7 %

ABBV opened at $168.70 on Friday. The company has a debt-to-equity ratio of 4.59, a current ratio of 0.96 and a quick ratio of 0.84. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $172.85. The firm has a market capitalization of $303.66 billion, a PE ratio of 46.22, a P/E/G ratio of 2.93 and a beta of 0.57. The company’s 50-day moving average is $156.52 and its 200 day moving average is $150.03.

AbbVie (NYSE:ABBVGet Free Report) last posted its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.01). AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The business had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the company earned $3.60 EPS. The company’s revenue was down 5.4% on a year-over-year basis. As a group, research analysts predict that AbbVie will post 11.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on ABBV. William Blair upgraded shares of AbbVie from a market perform rating to an outperform rating in a research note on Monday, January 29th. The Goldman Sachs Group upgraded shares of 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. UBS Group decreased their price objective on shares of AbbVie from $157.00 to $150.00 and set a neutral rating for the company in a research note on Friday, October 20th. Barclays increased their price objective on shares of AbbVie from $170.00 to $175.00 and gave the company an overweight rating in a research note on Tuesday, January 23rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of AbbVie in a research note on Thursday, November 9th. They issued a hold rating and a $150.00 price objective for the company. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of Moderate Buy and an average price target of $167.13.

Get Our Latest Report on AbbVie

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. PCA Investment Advisory Services Inc. bought a new position in AbbVie in the 2nd quarter worth approximately $38,000. Neo Ivy Capital Management bought a new position in AbbVie in the 2nd quarter valued at $120,000. Alliancebernstein L.P. boosted its holdings in AbbVie by 7.2% in the 2nd quarter. Alliancebernstein L.P. now owns 4,281,110 shares of the company’s stock valued at $576,794,000 after purchasing an additional 287,276 shares during the period. Equitable Holdings Inc. boosted its holdings in AbbVie by 35.2% in the 2nd quarter. Equitable Holdings Inc. now owns 39,881 shares of the company’s stock valued at $5,373,000 after purchasing an additional 10,385 shares during the period. Finally, Imprint Wealth LLC boosted its holdings in AbbVie by 12,458.7% in the 2nd quarter. Imprint Wealth LLC now owns 2,130,580 shares of the company’s stock valued at $213,058,000 after purchasing an additional 2,113,615 shares during the period. 67.86% of the stock is owned by institutional investors.

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 Behçet'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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