Cullinan Associates Inc. Sells 3,295 Shares of AbbVie Inc. (NYSE:ABBV)

Cullinan Associates Inc. lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 127,116 shares of the company’s stock after selling 3,295 shares during the period. AbbVie makes up about 1.3% of Cullinan Associates Inc.’s holdings, making the stock its 20th biggest position. Cullinan Associates Inc.’s holdings in AbbVie were worth $23,148,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie in the 4th quarter valued at about $26,000. IFS Advisors LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $36,000. Able Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at $33,000. Ables Iannone Moore & Associates Inc. acquired a new position in AbbVie during the fourth quarter worth $37,000. Finally, Clarity Asset Management Inc. bought a new position in shares of AbbVie in the fourth quarter valued at $42,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on ABBV. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. Piper Sandler reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. BMO Capital Markets dropped their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday. Two research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

AbbVie Stock Down 2.6 %

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 business’s fifty day simple moving average is $164.65 and its 200 day simple moving average is $167.74. AbbVie Inc. has a 52 week low of $132.70 and a 52 week high of $182.89. The stock has a market cap of $293.08 billion, a PE ratio of 49.25, a P/E/G ratio of 2.19 and a beta of 0.64.

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

AbbVie Announces Dividend

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

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.