AbbVie (NYSE:ABBV - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 10.970-11.170 for the period, compared to the consensus estimate of 11.190. The company issued revenue guidance of -. AbbVie also updated its FY24 guidance to $10.97-11.17 EPS.
AbbVie Stock Down 1.9 %
Shares of 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 company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The stock has a market capitalization of $314.01 billion, a price-to-earnings ratio of 65.56, a P/E/G ratio of 2.30 and a beta of 0.58. AbbVie has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The firm's fifty day moving average price is $175.80 and its 200-day moving average price is $158.87.
AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share 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 analysts' expectations of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.60 earnings per share. Research analysts anticipate that AbbVie will post 11.15 EPS for the current year.
AbbVie Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given 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%.
Analyst Ratings Changes
Several analysts recently issued reports on ABBV shares. The Goldman Sachs Group raised shares of AbbVie from a neutral rating to a buy rating and set a $173.00 price objective for the company in a report on Monday, December 11th. HSBC downgraded AbbVie from a buy rating to a hold rating and lowered their price target for the company from $167.00 to $156.00 in a research report on Monday, December 18th. BMO Capital Markets boosted their price objective on AbbVie from $187.00 to $195.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Guggenheim raised their target price on AbbVie from $188.00 to $190.00 and gave the company a buy rating in a report on Friday, March 22nd. Finally, William Blair raised AbbVie from a market perform rating to an outperform rating in a research report on Monday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $177.43.
Check Out Our Latest Research Report on ABBV
Insider Transactions at AbbVie
In related news, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the transaction, the senior vice president now owns 6,983 shares of the company's stock, valued at $1,233,546.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other AbbVie news, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,233,546.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 21,082 shares of the business's stock in a transaction on 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 sale, the executive vice president now owns 55,903 shares in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. In the last three months, insiders sold 383,324 shares of company stock valued at $67,780,003. Company insiders own 0.25% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Moneta Group Investment Advisors LLC boosted its stake in AbbVie by 89,097.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company's stock worth $4,719,514,000 after purchasing an additional 29,170,366 shares in the last quarter. Norges Bank acquired a new position in AbbVie during the 4th quarter worth about $3,033,348,000. Morgan Stanley grew its holdings in AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company's stock worth $5,102,311,000 after acquiring an additional 4,785,277 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company's stock valued at $754,155,000 after acquiring an additional 3,768,579 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $530,070,000. 70.23% of the stock is owned by institutional investors and hedge funds.
AbbVie Company Profile
(
Get Free Report)
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.
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