Cornerstone Wealth Group LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Cornerstone Wealth Group LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 65,733 shares of the company’s stock after selling 3,051 shares during the period. AbbVie accounts for approximately 1.1% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 20th biggest position. Cornerstone Wealth Group LLC’s holdings in AbbVie were worth $13,772,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ABBV. EnRich Financial Partners LLC raised its holdings in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC purchased a new position in shares of AbbVie during the 4th quarter worth $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the 4th quarter worth $31,000. Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the 4th quarter worth $32,000. Finally, Siemens Fonds Invest GmbH raised its holdings in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $183.92 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The business has a 50 day simple moving average of $185.28 and a 200-day simple moving average of $187.84. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The company has a market capitalization of $324.88 billion, a P/E ratio of 78.26, a PEG ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. AbbVie’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.31 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 279.15%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ABBV shares. The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Finally, Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $211.29.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on 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 sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% 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.