AbbVie Inc. (NYSE:ABBV) is Cornerstone Capital Inc.’s 7th Largest Position

Cornerstone Capital Inc. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 8.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 167,086 shares of the company’s stock after selling 15,741 shares during the period. AbbVie accounts for about 3.1% of Cornerstone Capital Inc.’s holdings, making the stock its 7th largest holding. Cornerstone Capital Inc.’s holdings in AbbVie were worth $29,691,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Fiduciary Advisors Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at about $29,000. EnRich Financial Partners LLC lifted its holdings in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares during the period. Promus Capital LLC bought a new position in shares of AbbVie during the 4th quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in AbbVie during the 4th quarter valued at about $31,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the fourth quarter valued at $32,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

AbbVie stock opened at $172.78 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The firm has a 50-day moving average of $198.47 and a 200-day moving average of $187.82. The firm has a market cap of $305.64 billion, a P/E ratio of 71.99, a P/E/G ratio of 1.62 and a beta of 0.55. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same quarter in the previous year, the business earned $2.79 EPS. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.80%. AbbVie’s dividend payout ratio is currently 273.33%.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This 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 through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the transaction, the executive vice president now owns 22,381 shares of the company’s stock, valued at $4,429,199.90. This represents a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,471 shares of company stock worth $23,426,451. Corporate insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research reports. Guggenheim restated a “buy” rating and set a $214.00 price target on shares of AbbVie in a research note on Thursday. The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Raymond James reiterated an “outperform” rating and issued a $220.00 price target (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of AbbVie in a report on Friday, April 11th. Seven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $210.71.

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.