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

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

AbbVie Stock Performance

NYSE ABBV opened at $165.97 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The company has a market capitalization of $293.08 billion, a P/E ratio of 49.25, a P/E/G ratio of 2.19 and a beta of 0.64. AbbVie has a 12-month low of $132.70 and a 12-month high of $182.89. The firm has a 50-day moving average price of $164.65 and a two-hundred day moving average price of $167.74.

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

AbbVie Dividend Announcement

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

Analysts Set New Price Targets

ABBV has been the topic of several research analyst reports. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Tuesday. Guggenheim increased their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $181.07.

Hedge Funds Weigh In On AbbVie

Institutional investors have recently added to or reduced their stakes in the stock. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie in the 4th quarter valued at $26,000. IFS Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter valued at $36,000. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter valued at $37,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter valued at $33,000. Finally, Valued Wealth Advisors LLC boosted its stake in shares of AbbVie by 111.1% in the 1st quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock valued at $42,000 after purchasing an additional 120 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

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.