Cullen Investment Group LTD. Sells 139 Shares of AbbVie Inc. $ABBV

Cullen Investment Group LTD. cut its position in AbbVie Inc. (NYSE:ABBV) by 1.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,488 shares of the company’s stock after selling 139 shares during the quarter. Cullen Investment Group LTD.’s holdings in AbbVie were worth $2,504,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. TD Capital Management LLC boosted its stake in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Abound Financial LLC bought a new stake in AbbVie in the 1st quarter valued at $30,000. Siemens Fonds Invest GmbH boosted its stake in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new stake in AbbVie in the 1st quarter valued at $35,000. Finally, Pinney & Scofield Inc. bought a new stake in AbbVie in the 4th quarter valued at $36,000. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent research reports. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Morgan Stanley lifted their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Finally, Bank of America lifted their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $217.10.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Price Performance

AbbVie stock opened at $218.40 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $221.76. The stock has a market capitalization of $385.82 billion, a P/E ratio of 104.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.53. The stock has a fifty day moving average of $200.25 and a 200-day moving average of $194.58.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. AbbVie’s payout ratio is 312.38%.

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.