AbbVie Inc (NYSE:ABBV) Short Interest Up 56.6% in July

AbbVie Inc (NYSE:ABBV) saw a significant increase in short interest in July. As of July 15th, there was short interest totalling 44,168,500 shares, an increase of 56.6% from the June 15th total of 28,212,900 shares. Based on an average daily trading volume, of 9,230,000 shares, the short-interest ratio is presently 4.8 days. Approximately 3.0% of the shares of the stock are short sold.

ABBV has been the subject of several recent analyst reports. Goldman Sachs Group set a $27.00 target price on shares of Melco Resorts & Entertainment and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Zacks Investment Research cut shares of Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. BMO Capital Markets raised shares of AbbVie from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $71.00 to $79.00 in a research note on Sunday, April 28th. Svb Leerink raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 target price for the company in a research note on Wednesday, June 26th. Finally, Citigroup reaffirmed a “hold” rating on shares of AbbVie in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. AbbVie currently has an average rating of “Hold” and an average price target of $94.76.

In other AbbVie news, Director Roxanne S. Austin acquired 11,500 shares of the company’s stock in a transaction dated Wednesday, June 26th. The stock was acquired at an average cost of $67.50 per share, with a total value of $776,250.00. Following the purchase, the director now directly owns 52,114 shares in the company, valued at approximately $3,517,695. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP William J. Chase acquired 30,400 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were acquired at an average cost of $67.30 per share, with a total value of $2,045,920.00. Following the completion of the purchase, the executive vice president now owns 169,552 shares in the company, valued at $11,410,849.60. The disclosure for this purchase can be found here. Company insiders own 0.08% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Northern Trust Corp raised its position in AbbVie by 1.1% during the 4th quarter. Northern Trust Corp now owns 21,029,665 shares of the company’s stock valued at $1,938,725,000 after purchasing an additional 227,408 shares in the last quarter. Geode Capital Management LLC raised its position in AbbVie by 5.3% during the 4th quarter. Geode Capital Management LLC now owns 17,582,527 shares of the company’s stock valued at $1,617,957,000 after purchasing an additional 880,288 shares in the last quarter. Bank of New York Mellon Corp raised its position in AbbVie by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 15,921,433 shares of the company’s stock valued at $1,467,797,000 after purchasing an additional 41,680 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in AbbVie by 4,385.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,195,586 shares of the company’s stock valued at $165,000 after purchasing an additional 14,856,786 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of AbbVie in the 4th quarter valued at $1,300,469,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

Shares of ABBV traded up $1.10 during mid-day trading on Friday, reaching $67.76. The company had a trading volume of 12,249,966 shares, compared to its average volume of 7,833,694. The firm has a market capitalization of $99.73 billion, a PE ratio of 8.57, a price-to-earnings-growth ratio of 1.38 and a beta of 0.98. The company’s fifty day simple moving average is $73.24. AbbVie has a fifty-two week low of $65.06 and a fifty-two week high of $100.23.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, April 25th. The company reported $2.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.08. The business had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.81 billion. AbbVie had a net margin of 16.42% and a negative return on equity of 221.09%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.87 EPS. On average, equities research analysts expect that AbbVie will post 8.82 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $1.07 per share. The ex-dividend date is Friday, July 12th. This represents a $4.28 annualized dividend and a dividend yield of 6.32%. AbbVie’s payout ratio is 54.11%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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