Cornerstone Investment Partners LLC boosted its position in shares of AbbVie Inc (NYSE:ABBV) by 10.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,305 shares of the company’s stock after purchasing an additional 1,665 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in AbbVie were worth $1,688,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Signature Estate & Investment Advisors LLC purchased a new stake in AbbVie during the third quarter worth $112,000. Mainstay Capital Management LLC ADV boosted its position in AbbVie by 6,123.5% during the second quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after purchasing an additional 12,247 shares in the last quarter. Kiley Juergens Wealth Management LLC boosted its position in AbbVie by 69.3% during the third quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock worth $166,000 after purchasing an additional 721 shares in the last quarter. American Beacon Advisors Inc. purchased a new stake in AbbVie during the third quarter worth $169,000. Finally, SRS Capital Advisors Inc. purchased a new stake in AbbVie during the third quarter worth $187,000. Institutional investors own 69.65% of the company’s stock.

In related news, Chairman Richard A. Gonzalez sold 16,850 shares of the stock in a transaction dated Tuesday, December 11th. The stock was sold at an average price of $88.75, for a total transaction of $1,495,437.50. Following the transaction, the chairman now directly owns 286,203 shares in the company, valued at $25,400,516.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Laura J. Schumacher sold 94,140 shares of the stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $93.58, for a total value of $8,809,621.20. Following the transaction, the insider now owns 192,398 shares in the company, valued at $18,004,604.84. The disclosure for this sale can be found here. Insiders have sold 263,440 shares of company stock worth $24,029,804 over the last quarter. 0.07% of the stock is currently owned by company insiders.

A number of analysts have commented on the company. Credit Suisse Group set a $85.00 target price on AbbVie and gave the stock a “sell” rating in a research report on Saturday, October 20th. Morgan Stanley set a $88.00 price objective on AbbVie and gave the company a “hold” rating in a research report on Thursday, December 20th. Zacks Investment Research downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, January 23rd. BMO Capital Markets reduced their price objective on AbbVie from $78.00 to $71.00 and set an “underperform” rating on the stock in a research report on Monday, November 5th. Finally, SunTrust Banks reduced their price objective on AbbVie from $157.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $96.85.

Shares of NYSE:ABBV opened at $80.50 on Monday. AbbVie Inc has a 52-week low of $75.77 and a 52-week high of $122.00. The firm has a market capitalization of $121.09 billion, a PE ratio of 10.18, a P/E/G ratio of 1.22 and a beta of 1.18.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 25th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.92 by ($0.02). AbbVie had a net margin of 17.36% and a negative return on equity of 1,343.27%. The company had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company earned $1.48 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc will post 8.69 EPS for the current fiscal year.

AbbVie declared that its board has authorized a stock buyback program on Thursday, December 13th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 3.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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