AbbVie (NYSE:ABBV) Updates Q4 Earnings Guidance

AbbVie (NYSE:ABBVGet Free Report) updated its fourth quarter earnings guidance on Friday. The company provided earnings per share guidance of $2.30-2.34 for the period, compared to the consensus earnings per share estimate of $2.49. The company issued revenue guidance of $11.9 billion, compared to the consensus revenue estimate of $12.30 billion. AbbVie also updated its FY 2024 guidance to 11.050-11.250 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. William Blair raised shares of AbbVie from a market perform rating to an outperform rating in a report on Monday, January 29th. Raymond James lifted their price objective on shares of AbbVie from $177.00 to $181.00 and gave the stock an outperform rating in a report on Friday, December 1st. HSBC downgraded shares of AbbVie from a buy rating to a hold rating and dropped their price objective for the stock from $167.00 to $156.00 in a report on Monday, December 18th. Barclays lifted their target price on shares of AbbVie from $170.00 to $175.00 and gave the stock an overweight rating in a research report on Tuesday, January 23rd. Finally, Morgan Stanley lifted their target price on shares of AbbVie from $193.00 to $196.00 and gave the stock an overweight rating in a research report on Monday, October 30th. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $167.13.

Check Out Our Latest Stock Analysis on ABBV

AbbVie Price Performance

ABBV stock opened at $168.70 on Friday. The firm’s 50-day moving average price is $156.52 and its two-hundred day moving average price is $150.03. AbbVie has a 12-month low of $130.96 and a 12-month high of $172.85. The stock has a market capitalization of $303.66 billion, a price-to-earnings ratio of 46.22, a PEG ratio of 2.93 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 released its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.80 by ($0.01). AbbVie had a net margin of 11.81% and a return on equity of 152.70%. The firm had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the firm posted $3.60 EPS. AbbVie’s revenue was down 5.4% compared to the same quarter last year. As a group, equities analysts predict that AbbVie will post 11.1 earnings per share for the current year.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 2,912 shares of AbbVie stock in a transaction dated 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 of the company’s stock, valued at approximately $8,649,312.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On AbbVie

Large investors have recently modified their holdings of the stock. Private Capital Management LLC bought a new stake in shares of AbbVie during the 2nd quarter valued at about $216,000. Ashford Capital Management Inc. bought a new stake in AbbVie during the fourth quarter worth about $210,000. Momentum Advisors LLC bought a new stake in AbbVie during the fourth quarter worth about $204,000. Retirement Income Solutions Inc bought a new stake in AbbVie during the first quarter worth about $204,000. Finally, Milestone Investment Advisors LLC bought a new stake in AbbVie during the first quarter worth about $148,000. Institutional investors own 67.86% of the company’s stock.

AbbVie Company Profile

(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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