Cornerstone Wealth Group LLC Has $12.49 Million Stock Position in AbbVie Inc. $ABBV

Cornerstone Wealth Group LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,304 shares of the company’s stock after purchasing an additional 1,571 shares during the quarter. AbbVie makes up approximately 0.9% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 22nd largest position. Cornerstone Wealth Group LLC’s holdings in AbbVie were worth $12,493,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in AbbVie by 0.5% during the first quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock valued at $36,439,271,000 after acquiring an additional 845,787 shares in the last quarter. Northern Trust Corp raised its position in shares of AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock valued at $4,612,357,000 after purchasing an additional 189,294 shares during the period. Goldman Sachs Group Inc. raised its position in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock valued at $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of AbbVie by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock valued at $1,972,050,000 after purchasing an additional 45,871 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

AbbVie Stock Down 0.1%

ABBV opened at $230.36 on Tuesday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm’s fifty day moving average price is $215.50 and its two-hundred day moving average price is $196.89. The company has a market capitalization of $406.94 billion, a P/E ratio of 109.70, a P/E/G ratio of 1.42 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s payout ratio is currently 312.38%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ABBV shares. Bank of America lifted their price target on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. HSBC set a $225.00 price target on shares of AbbVie in a research report on Thursday, October 2nd. Wells Fargo & Company lifted their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the company an “overweight” rating in a research report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.90.

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.