Short Interest in AbbVie Inc (ABBV) Decreases By 20.9%

AbbVie Inc (NYSE:ABBV) saw a significant decline in short interest in the month of April. As of April 30th, there was short interest totalling 21,822,012 shares, a decline of 20.9% from the April 15th total of 27,575,807 shares. Based on an average trading volume of 7,260,751 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.5% of the company’s shares are sold short.

Shares of ABBV opened at $80.06 on Monday. AbbVie has a 52-week low of $75.62 and a 52-week high of $103.16. The company has a market capitalization of $118.36 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.65 and a beta of 1.14.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, April 25th. The company reported $2.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.08. AbbVie had a negative return on equity of 221.09% and a net margin of 16.42%. The firm had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.81 billion. During the same period in the previous year, the firm earned $1.87 earnings per share. The company’s revenue was down 1.3% compared to the same quarter last year. Equities research analysts anticipate that AbbVie will post 8.83 EPS for the current year.

A number of research firms recently commented on ABBV. BMO Capital Markets raised AbbVie from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $71.00 to $79.00 in a research note on Sunday, April 28th. Credit Suisse Group set a $78.00 price target on AbbVie and gave the company a “sell” rating in a research note on Friday, April 26th. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Monday, March 25th. Barclays reissued a “hold” rating and issued a $86.00 price target on shares of AbbVie in a research note on Thursday, February 14th. Finally, ValuEngine lowered AbbVie from a “sell” rating to a “strong sell” rating in a research note on Friday, February 22nd. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. AbbVie presently has a consensus rating of “Hold” and an average price target of $94.95.

In related news, Vice Chairman Laura J. Schumacher sold 25,000 shares of AbbVie stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $80.00, for a total value of $2,000,000.00. Following the transaction, the insider now directly owns 139,838 shares of the company’s stock, valued at $11,187,040. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Brian L. Durkin sold 475 shares of AbbVie stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $79.69, for a total value of $37,852.75. Following the completion of the transaction, the vice president now directly owns 9,121 shares in the company, valued at $726,852.49. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,272 shares of company stock worth $3,286,290. 0.08% of the stock is owned by insiders.

Several large investors have recently modified their holdings of ABBV. Oregon Public Employees Retirement Fund raised its position in shares of AbbVie by 4,385.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,195,586 shares of the company’s stock worth $165,000 after purchasing an additional 14,856,786 shares during the period. Norges Bank acquired a new position in shares of AbbVie during the fourth quarter worth approximately $1,300,469,000. FMR LLC raised its position in shares of AbbVie by 56.5% during the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock worth $1,063,799,000 after purchasing an additional 4,765,946 shares during the period. Geode Capital Management LLC raised its position in shares of AbbVie by 21.7% during the first quarter. Geode Capital Management LLC now owns 21,404,788 shares of the company’s stock worth $1,722,483,000 after purchasing an additional 3,822,261 shares during the period. Finally, Ellis Investment Partners LLC raised its position in shares of AbbVie by 7,997.6% during the first quarter. Ellis Investment Partners LLC now owns 2,777,078 shares of the company’s stock worth $2,777,000 after purchasing an additional 2,742,783 shares during the period. 69.91% of the stock is currently owned by institutional investors.

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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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