AbbVie Inc (NYSE:ABBV) saw a significant drop in short interest in June. As of June 15th, there was short interest totalling 38,435,690 shares, a drop of 11.6% from the May 31st total of 43,501,770 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily trading volume, of 8,827,213 shares, the days-to-cover ratio is currently 4.4 days.
In related news, SVP Timothy J. Richmond sold 17,588 shares of the business’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $99.47, for a total value of $1,749,478.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glenn F. Tilton purchased 5,400 shares of the company’s stock in a transaction that occurred on Wednesday, June 27th. The stock was bought at an average cost of $91.90 per share, with a total value of $496,260.00. Following the purchase, the director now owns 39,735 shares of the company’s stock, valued at $3,651,646.50. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Dock Street Asset Management Inc. grew its holdings in shares of AbbVie by 10.6% during the fourth quarter. Dock Street Asset Management Inc. now owns 80,830 shares of the company’s stock worth $7,817,000 after purchasing an additional 7,751 shares during the last quarter. Middleton & Co Inc MA grew its holdings in shares of AbbVie by 7.2% during the fourth quarter. Middleton & Co Inc MA now owns 150,457 shares of the company’s stock worth $14,551,000 after purchasing an additional 10,086 shares during the last quarter. Bank of Stockton grew its holdings in shares of AbbVie by 28.1% during the fourth quarter. Bank of Stockton now owns 13,558 shares of the company’s stock worth $1,310,000 after purchasing an additional 2,972 shares during the last quarter. Perkins Capital Management Inc. grew its holdings in shares of AbbVie by 3.8% during the fourth quarter. Perkins Capital Management Inc. now owns 20,300 shares of the company’s stock worth $1,963,000 after purchasing an additional 750 shares during the last quarter. Finally, Sun Life Financial INC grew its holdings in shares of AbbVie by 19.1% during the fourth quarter. Sun Life Financial INC now owns 19,479 shares of the company’s stock worth $1,884,000 after purchasing an additional 3,119 shares during the last quarter. Hedge funds and other institutional investors own 69.42% of the company’s stock.
AbbVie stock opened at $92.65 on Friday. AbbVie has a 12-month low of $69.38 and a 12-month high of $125.86. The company has a current ratio of 1.20, a quick ratio of 1.10 and a debt-to-equity ratio of 8.70. The stock has a market capitalization of $145.22 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 0.85 and a beta of 1.61.
AbbVie (NYSE:ABBV) last released its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.08. AbbVie had a return on equity of 186.47% and a net margin of 21.55%. The firm had revenue of $7.93 billion for the quarter, compared to analysts’ expectations of $7.60 billion. During the same quarter in the previous year, the business posted $1.28 earnings per share. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. equities analysts anticipate that AbbVie will post 7.8 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Thursday, July 12th. AbbVie’s dividend payout ratio is presently 68.57%.
A number of research analysts recently commented on the company. Credit Suisse Group downgraded AbbVie from a “neutral” rating to a “sell” rating and dropped their price target for the company from $104.00 to $89.00 in a research note on Tuesday, May 29th. ValuEngine downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 28th. Barclays dropped their price target on AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a research note on Thursday, April 5th. Argus dropped their price target on AbbVie from $145.00 to $130.00 and set a “buy” rating for the company in a research note on Monday, June 11th. Finally, Vetr raised AbbVie from a “buy” rating to a “strong-buy” rating and set a $128.42 price target for the company in a research note on Tuesday, March 6th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $105.85.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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