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

Key Points

• Cullinan Associates Inc. cut its AbbVie stake by 11.9% in the first quarter, selling 9,920 shares and leaving it with 73,455 shares valued at about $16.0 million.
• AbbVie reported better-than-expected quarterly results, with earnings per share of $2.65 versus $2.59 expected and revenue of $15 billion, up 12.4% from a year earlier.
• The company also announced a quarterly dividend of $1.73 per share, while analysts remain largely bullish after multiple price-target increases and a consensus rating of Moderate Buy.

Cullinan Associates Inc. trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 11.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,455 shares of the company's stock after selling 9,920 shares during the period. AbbVie accounts for about 1.3% of Cullinan Associates Inc.'s holdings, making the stock its 19th biggest holding. Cullinan Associates Inc.'s holdings in AbbVie were worth $15,976,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at about $5,865,055,000. Wellington Management Group LLP lifted its stake in AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company's stock worth $2,439,714,000 after purchasing an additional 8,646,424 shares in the last quarter. Capital World Investors boosted its holdings in shares of AbbVie by 106.3% during the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company's stock worth $2,986,777,000 after purchasing an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. grew its position in shares of AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company's stock valued at $1,244,112,000 after purchasing an additional 4,908,260 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company's stock valued at $10,179,099,000 after purchasing an additional 4,190,487 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.8%

NYSE:ABBV traded down $1.91 on Friday, reaching $248.00. The company's stock had a trading volume of 5,780,723 shares, compared to its average volume of 8,942,850. AbbVie Inc. has a 12-month low of $184.63 and a 12-month high of $261.64. The stock has a 50 day moving average price of $225.42 and a 200 day moving average price of $221.25. The firm has a market cap of $438.17 billion, a price-to-earnings ratio of 122.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company's revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.46 EPS. Equities research analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 340.89%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on AbbVie from $270.00 to $278.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Piper Sandler reiterated an "overweight" rating and set a $298.00 price target on shares of AbbVie in a report on Tuesday, June 23rd. HSBC reissued a "buy" rating and issued a $300.00 price objective on shares of AbbVie in a report on Monday, July 6th. Cantor Fitzgerald lifted their target price on shares of AbbVie from $240.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Finally, Bank of America boosted their target price on shares of AbbVie from $234.00 to $276.00 and gave the company a "buy" rating in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $262.81.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: Bank of America raised AbbVie’s price target to $276 from $234 and reiterated a buy rating, signaling confidence in additional upside for the shares. Bank of America raises AbbVie price target
• Positive Sentiment: RBC Capital also increased its price target to $280 from $260 and kept an outperform rating, adding to the wave of analyst support. RBC raises AbbVie price target
• Positive Sentiment: JPMorgan likewise lifted its target to $280 from $260 and maintained an overweight rating, reinforcing a favorable near-term outlook for AbbVie. JPMorgan raises AbbVie price target
• Neutral Sentiment: Recent coverage comparing Johnson & Johnson and AbbVie highlighted how both pharma giants’ latest quarterly results are shaping income-investor preferences, but it did not point to a clear new catalyst for AbbVie. Johnson & Johnson vs AbbVie article
• Neutral Sentiment: AbbVie also appeared in an industry piece on the expanding cystic fibrosis market, which may be supportive of long-term therapeutic demand but is not an immediate stock-moving event. Cystic fibrosis market article
• Negative Sentiment: Despite the analyst upgrades, AbbVie was recently reported as having moved lower in trading, suggesting the stock is still contending with profit-taking or broader market pressure. AbbVie stock drops despite market gains
• Neutral Sentiment: West Pharmaceutical completed the SmartDose sale to AbbVie, a routine transaction that may support AbbVie’s drug-delivery capabilities but is unlikely to move the stock on its own. West Pharmaceutical SmartDose sale to AbbVie

AbbVie 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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