Cullinan Associates Inc. Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Cullinan Associates Inc. reduced its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,716 shares of the company's stock after selling 2,061 shares during the period. AbbVie comprises 1.4% of Cullinan Associates Inc.'s investment portfolio, making the stock its 20th biggest position. Cullinan Associates Inc.'s holdings in AbbVie were worth $19,216,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. EnRich Financial Partners LLC raised its position in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Promus Capital LLC acquired a new stake in AbbVie during the 4th quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie during the fourth quarter worth $31,000. Prudent Man Investment Management Inc. acquired a new position in shares of AbbVie in the fourth quarter worth $32,000. Finally, Siemens Fonds Invest GmbH lifted its position in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after acquiring an additional 119,141 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company lifted their price objective on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Morgan Stanley lifted their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Finally, Bank of America boosted their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $211.29.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company's stock.

AbbVie Trading Up 0.0%

NYSE:ABBV traded up $0.09 on Wednesday, hitting $185.64. 4,469,960 shares of the stock were exchanged, compared to its average volume of 6,226,207. The stock has a fifty day moving average of $185.46 and a 200-day moving average of $187.82. The stock has a market cap of $327.91 billion, a PE ratio of 79.00, a PEG ratio of 1.23 and a beta of 0.50. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the company earned $2.31 EPS. The company's revenue was up 8.4% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's payout ratio is currently 279.15%.

AbbVie Company Profile

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.