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

Cornerstone Wealth Management LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,014 shares of the company’s stock after buying an additional 316 shares during the period. Cornerstone Wealth Management LLC’s holdings in AbbVie were worth $2,313,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. RPg Family Wealth Advisory LLC purchased a new position in shares of AbbVie during the third quarter worth $28,000. Retirement Wealth Solutions LLC purchased a new position in shares of AbbVie during the fourth quarter worth $35,000. Marquette Asset Management LLC purchased a new position in shares of AbbVie during the third quarter worth $39,000. Mizuho Securities Co. Ltd. increased its holdings in AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new position in AbbVie in the third quarter valued at $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Barclays lifted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wells Fargo & Company boosted their price target on shares of AbbVie to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Leerink Partners upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $205.50.

Insider Buying and Selling

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $170.05 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The firm has a 50-day moving average price of $175.74 and a two-hundred day moving average price of $184.63. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $207.32. The company has a market capitalization of $300.51 billion, a P/E ratio of 59.05, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the company earned $2.95 EPS. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.86%. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

AbbVie Company 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.