AbbVie Inc. (NYSE:ABBV) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 5.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,127 shares of the company’s stock after selling 715 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in AbbVie were worth $2,390,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Norges Bank purchased a new position in shares of AbbVie in the 4th quarter valued at $3,229,888,000. International Assets Investment Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth about $499,955,000. Capital International Investors boosted its position in shares of AbbVie by 6.0% in the fourth quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of AbbVie by 39.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after buying an additional 2,390,239 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock worth $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $163.84 on Friday. The company has a market cap of $289.32 billion, a P/E ratio of 48.62, a PEG ratio of 2.12 and a beta of 0.64. The business has a 50 day moving average of $164.50 and a two-hundred day moving average of $167.80. AbbVie Inc. has a 52 week low of $132.70 and a 52 week high of $182.89. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business earned $2.46 EPS. As a group, analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.78%. AbbVie’s dividend payout ratio is presently 183.98%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ABBV shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. BMO Capital Markets decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Profile

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.