Cullinan Associates Inc. Cuts Holdings in AbbVie Inc. $ABBV

Cullinan Associates Inc. lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,143 shares of the company’s stock after selling 3,573 shares during the quarter. AbbVie accounts for about 1.1% of Cullinan Associates Inc.’s investment portfolio, making the stock its 25th biggest holding. Cullinan Associates Inc.’s holdings in AbbVie were worth $16,361,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. FF Advisors LLC lifted its position in AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after purchasing an additional 53 shares during the period. Private Management Group Inc. lifted its holdings in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after buying an additional 54 shares during the period. Silicon Valley Capital Partners lifted its holdings in shares of AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after buying an additional 56 shares during the period. Seneca House Advisors boosted its stake in shares of AbbVie by 2.7% in the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after buying an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC grew its holdings in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock worth $361,000 after acquiring an additional 57 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

AbbVie Stock Down 1.1%

Shares of ABBV stock opened at $234.07 on Monday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company’s fifty day moving average price is $210.77 and its 200-day moving average price is $195.79. The company has a market capitalization of $413.49 billion, a price-to-earnings ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.65 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent research reports. Citigroup increased their target price on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research report on Saturday, September 27th. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, Evercore ISI boosted their price objective on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $228.22.

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.