Short Interest in AbbVie Inc. (ABBV) Drops By 21.2%
AbbVie Inc. (NYSE:ABBV) was the target of a large drop in short interest during the month of October. As of October 13th, there was short interest totalling 14,213,032 shares, a drop of 21.2% from the September 29th total of 18,045,411 shares. Based on an average daily volume of 4,423,568 shares, the days-to-cover ratio is currently 3.2 days. Approximately 0.9% of the shares of the company are sold short.
A number of equities research analysts have recently weighed in on ABBV shares. BidaskClub raised AbbVie from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 6th. Evercore ISI reissued an “outperform” rating and set a $100.00 target price (up previously from $95.00) on shares of AbbVie in a report on Saturday, September 30th. Credit Suisse Group reissued a “neutral” rating and set a $74.00 target price (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Barclays PLC reissued a “hold” rating and set a $68.00 target price on shares of AbbVie in a report on Thursday, September 28th. Finally, Cowen and Company raised AbbVie from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $91.17 to $105.00 in a report on Wednesday, October 11th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $93.63.
AbbVie (NYSE ABBV) opened at 91.93 on Monday. The firm has a 50-day moving average price of $89.78 and a 200-day moving average price of $74.85. AbbVie has a 52-week low of $55.06 and a 52-week high of $98.26. The company has a market cap of $146.55 billion, a PE ratio of 22.61 and a beta of 1.51.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. AbbVie’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share. On average, analysts forecast that AbbVie will post $5.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be issued a dividend of $0.64 per share. The ex-dividend date is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a yield of 2.78%. AbbVie’s dividend payout ratio is currently 62.29%.
In other news, SVP Azita Saleki-Gerhardt sold 8,300 shares of AbbVie stock in a transaction on Monday, September 11th. The stock was sold at an average price of $85.02, for a total transaction of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares of the company’s stock, valued at $7,915,276.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard A. Gonzalez sold 65,861 shares of AbbVie stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.00, for a total value of $4,676,131.00. Following the sale, the chief executive officer now directly owns 342,353 shares of the company’s stock, valued at approximately $24,307,063. The disclosure for this sale can be found here. Insiders have sold a total of 361,890 shares of company stock valued at $25,926,197 in the last ninety days. Insiders own 0.23% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ABBV. Horseman Capital Management Ltd lifted its holdings in shares of AbbVie by 31.3% during the 3rd quarter. Horseman Capital Management Ltd now owns 21,000 shares of the company’s stock valued at $1,866,000 after purchasing an additional 5,000 shares during the last quarter. Bainco International Investors lifted its holdings in shares of AbbVie by 4.6% during the 3rd quarter. Bainco International Investors now owns 147,110 shares of the company’s stock valued at $13,072,000 after purchasing an additional 6,460 shares during the last quarter. Cable Hill Partners LLC lifted its holdings in shares of AbbVie by 235.0% during the 3rd quarter. Cable Hill Partners LLC now owns 9,092 shares of the company’s stock valued at $808,000 after purchasing an additional 6,378 shares during the last quarter. Schwartz Investment Counsel Inc. purchased a new stake in shares of AbbVie during the 3rd quarter valued at $213,000. Finally, Bremer Trust National Association lifted its holdings in shares of AbbVie by 52.5% during the 3rd quarter. Bremer Trust National Association now owns 18,522 shares of the company’s stock valued at $1,646,000 after purchasing an additional 6,373 shares during the last quarter. Institutional investors own 68.43% of the company’s stock.
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AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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