Cutter Capital Management LP Makes New $18.13 Million Investment in AbbVie Inc. (NYSE:ABBV)

Cutter Capital Management LP purchased a new stake in AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 101,996 shares of the company’s stock, valued at approximately $18,125,000. AbbVie accounts for about 7.4% of Cutter Capital Management LP’s holdings, making the stock its 4th largest position.

A number of other hedge funds also recently made changes to their positions in ABBV. Cetera Investment Advisers grew its stake in AbbVie by 1.7% during the fourth quarter. Cetera Investment Advisers now owns 623,679 shares of the company’s stock worth $110,828,000 after purchasing an additional 10,254 shares during the period. Cercano Management LLC grew its position in shares of AbbVie by 5,398.7% during the 4th quarter. Cercano Management LLC now owns 98,372 shares of the company’s stock worth $17,481,000 after buying an additional 96,583 shares during the period. Blue Capital Inc. bought a new stake in shares of AbbVie in the 4th quarter valued at $297,000. Cahill Financial Advisors Inc. acquired a new position in shares of AbbVie during the 4th quarter valued at $501,000. Finally, Captrust Financial Advisors boosted its stake in AbbVie by 5.4% during the fourth quarter. Captrust Financial Advisors now owns 1,295,297 shares of the company’s stock worth $230,174,000 after acquiring an additional 66,432 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ABBV shares. Wells Fargo & Company upped their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Truist Financial increased their price target on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Raymond James restated an “outperform” rating and set a $220.00 price objective (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Citigroup increased their target price on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Finally, Morgan Stanley boosted their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $211.41.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $196.04 on Tuesday. The company has a 50-day moving average price of $196.00 and a two-hundred day moving average price of $187.27. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The firm has a market capitalization of $346.79 billion, a PE ratio of 81.68, a P/E/G ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. AbbVie’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.31 EPS. Equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is presently 279.15%.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. The trade was a 52.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the sale, the executive vice president now owns 22,381 shares of the company’s stock, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,471 shares of company stock worth $23,426,451 over the last ninety days. Company insiders own 0.25% of the company’s stock.

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.