Cullinan Associates Inc. Lowers Position in AbbVie Inc. $ABBV

Key Points

• Cullinan Associates reduced its AbbVie position by 6.3% in the second quarter, selling 4,655 shares and retaining 68,800 shares valued at approximately $17.3 million. Institutional investors collectively own 70.23% of ABBV.
• Analyst sentiment remains positive, with AbbVie holding a consensus “Moderate Buy” rating and an average price target of $275.95. Recent upgrades included Wolfe Research moving the stock to “outperform” and Erste Group raising it to “buy.”
• AbbVie exceeded quarterly earnings and revenue expectations, reporting $3.65 in EPS and $16.99 billion in revenue, while year-over-year revenue increased 10.2%. The company also paid a quarterly dividend of $1.73 per share, equating to a 2.7% yield.

Cullinan Associates Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 6.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,800 shares of the company's stock after selling 4,655 shares during the period. AbbVie makes up approximately 1.3% of Cullinan Associates Inc.'s portfolio, making the stock its 20th largest position. Cullinan Associates Inc.'s holdings in AbbVie were worth $17,313,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Litman Gregory Wealth Management LLC acquired a new position in AbbVie during the 4th quarter worth approximately $28,000. Imprint Wealth LLC raised its stake in shares of AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company's stock worth $29,000 after buying an additional 45 shares in the last quarter. Burk Holdings LLC acquired a new stake in shares of AbbVie in the 2nd quarter valued at approximately $30,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $31,000. Finally, Abound Financial LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the topic of a number of recent analyst reports. Wolfe Research raised AbbVie from a "peer perform" rating to an "outperform" rating and set a $300.00 price objective on the stock in a report on Thursday, August 13th. Erste Group Bank raised AbbVie from a "hold" rating to a "buy" rating in a report on Wednesday, August 5th. Citigroup boosted their target price on shares of AbbVie from $230.00 to $260.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. UBS Group upped their price target on shares of AbbVie from $230.00 to $260.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Finally, Piper Sandler increased their price target on shares of AbbVie from $298.00 to $303.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $275.95.

AbbVie Price Performance

Shares of NYSE ABBV opened at $256.27 on Tuesday. The firm's 50-day moving average is $254.71 and its two-hundred day moving average is $230.21. The company has a market capitalization of $452.78 billion, a PE ratio of 72.39, a price-to-earnings-growth ratio of 1.16 and a beta of 0.29. AbbVie Inc. has a 12-month low of $190.75 and a 12-month high of $267.47.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, topping analysts' consensus estimates of $3.61 by $0.04. AbbVie had a net margin of 9.80% and a negative return on equity of 422.07%. The business had revenue of $16.99 billion during the quarter, compared to analysts' expectations of $16.80 billion. During the same period last year, the company posted $2.97 EPS. The company's revenue was up 10.2% on a year-over-year basis. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. On average, analysts forecast that AbbVie Inc. will post 14.05 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th were given a $1.73 dividend. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, July 15th. AbbVie's dividend payout ratio is currently 195.48%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the sale, the executive vice president owned 74,430 shares of the company's stock, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is owned by corporate insiders.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie's product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women's health.

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