AbbVie Inc. (NYSE:ABBV) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. reduced its stake in AbbVie Inc. (NYSE:ABBV) by 9.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 109,402 shares of the company’s stock after selling 11,206 shares during the quarter. AbbVie accounts for 1.1% of Cullinan Associates Inc.’s investment portfolio, making the stock its 25th largest position. Cullinan Associates Inc.’s holdings in AbbVie were worth $20,424,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Fairway Wealth LLC purchased a new stake in AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie during the 3rd quarter worth approximately $39,000. Redmont Wealth Advisors LLC purchased a new stake in AbbVie during the 1st quarter worth approximately $37,000. Finally, Quest Partners LLC increased its stake in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 1.0 %

Shares of NYSE:ABBV opened at $187.81 on Friday. The stock has a market cap of $331.64 billion, a P/E ratio of 55.73, a P/E/G ratio of 2.66 and a beta of 0.63. The firm has a fifty day moving average price of $194.14 and a 200 day moving average price of $178.16. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.91 EPS. Sell-side analysts predict that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. UBS Group upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Citigroup increased their price objective on shares of AbbVie from $170.00 to $215.00 and gave the company a “buy” rating in a research report on Friday. Sanford C. Bernstein began coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. Finally, Morgan Stanley increased their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $199.39.

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.