AbbVie Inc. $ABBV Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 11.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,455 shares of the company’s stock after selling 9,920 shares during the period. AbbVie comprises about 1.3% of Cullinan Associates Inc.’s holdings, making the stock its 19th largest holding. Cullinan Associates Inc.’s holdings in AbbVie were worth $15,976,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank of Jackson Hole Trust lifted its stake in AbbVie by 0.6% during the 4th quarter. Bank of Jackson Hole Trust now owns 7,213 shares of the company’s stock worth $1,648,000 after acquiring an additional 44 shares in the last quarter. Eclectic Associates Inc. ADV grew its position in AbbVie by 0.8% in the 4th quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after acquiring an additional 45 shares in the last quarter. Imprint Wealth LLC grew its position in AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Hardin Capital Partners LLC increased its stake in AbbVie by 1.4% during the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock worth $759,000 after purchasing an additional 46 shares during the period. Finally, Dogwood Wealth Management LLC lifted its position in shares of AbbVie by 10.8% during the fourth quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock worth $108,000 after purchasing an additional 46 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Down 0.8%

NYSE ABBV traded down $1.91 on Friday, hitting $248.00. 5,780,723 shares of the stock were exchanged, compared to its average volume of 8,942,850. AbbVie Inc. has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The company has a 50-day moving average price of $225.42 and a 200-day moving average price of $221.25. The company has a market cap of $438.17 billion, a PE ratio of 122.17, a PEG ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 5.79% and a negative return on equity of 576.45%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.46 EPS. As a group, equities research analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. HSBC restated a “buy” rating and issued a $300.00 price objective on shares of AbbVie in a report on Monday, July 6th. DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Canaccord Genuity Group boosted their price target on shares of AbbVie from $265.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Piper Sandler reiterated an “overweight” rating and issued a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. Finally, Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $262.81.

Key AbbVie News

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 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.