AbbVie Inc. (NYSE:ABBV) Short Interest Down 7.5% in June

AbbVie Inc. (NYSE:ABBV) saw a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 15,250,000 shares, a decline of 7.5% from the May 31st total of 16,490,000 shares. Based on an average daily volume of 5,310,000 shares, the short-interest ratio is presently 2.9 days. Currently, 0.9% of the company’s stock are sold short.

AbbVie Stock Performance

NYSE ABBV opened at $165.97 on Wednesday. The stock has a market cap of $293.08 billion, a PE ratio of 49.25, a P/E/G ratio of 2.19 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie has a twelve month low of $132.70 and a twelve month high of $182.89. The stock has a fifty day simple moving average of $164.65 and a 200-day simple moving average of $167.74.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same quarter in the prior year, the company earned $2.46 EPS. AbbVie’s revenue was up .7% on a year-over-year basis. Equities analysts anticipate that AbbVie will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Tuesday. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday. Finally, Barclays dropped their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $181.07.

Hedge Funds Weigh In On AbbVie

Several hedge funds have recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the 4th quarter valued at about $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth about $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth about $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

About AbbVie

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.