AbbVie Inc. $ABBV Stock Position Increased by Cullinan Associates Inc.

Cullinan Associates Inc. lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.1% during the third quarter, Holdings Channel reports. The firm owned 72,341 shares of the company’s stock after acquiring an additional 3,541 shares during the quarter. AbbVie makes up about 1.4% of Cullinan Associates Inc.’s portfolio, making the stock its 18th largest holding. Cullinan Associates Inc.’s holdings in AbbVie were worth $18,924,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Burk Holdings LLC purchased a new position in AbbVie during the 2nd quarter worth approximately $30,000. Marquette Asset Management LLC increased its position in AbbVie by 52.2% during the second quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after buying an additional 48 shares during the period. Principia Wealth Advisory LLC increased its position in AbbVie by 38.9% during the second quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock worth $40,000 after buying an additional 44 shares during the period. IMG Wealth Management Inc. lifted its stake in AbbVie by 3,060.0% in the second quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after buying an additional 153 shares during the last quarter. Finally, Tacita Capital Inc purchased a new stake in AbbVie in the second quarter valued at approximately $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie News Roundup

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

Insider Activity

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the transaction, the executive vice president owned 74,430 shares of the company’s stock, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

AbbVie Stock Up 1.1%

NYSE ABBV opened at $291.51 on Friday. The firm has a market cap of $515.27 billion, a P/E ratio of 50.17, a P/E/G ratio of 1.32 and a beta of 0.20. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $302.93. The business’s 50-day moving average price is $271.98 and its 200 day moving average price is $239.04.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 30th. The company reported $3.82 EPS for the quarter, beating the consensus estimate of $3.73 by $0.09. The firm had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.86 EPS. As a group, analysts anticipate that AbbVie Inc. will post 13.99 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be paid a $1.82 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date is Friday, January 15th. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. AbbVie’s dividend payout ratio (DPR) is 125.30%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABBV. Oppenheimer increased their price objective on AbbVie from $244.00 to $258.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Morgan Stanley lifted their target price on shares of AbbVie from $310.00 to $346.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. BNP Paribas Exane lifted their target price on shares of AbbVie from $218.00 to $247.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Barclays upped their price target on shares of AbbVie from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, October 21st. Finally, Cantor Fitzgerald increased their price target on shares of AbbVie from $290.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $297.46.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.