Cornerstone Advisory LLC Purchases 230 Shares of AbbVie Inc. (NYSE:ABBV)

Cornerstone Advisory LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,816 shares of the company’s stock after buying an additional 230 shares during the quarter. Cornerstone Advisory LLC’s holdings in AbbVie were worth $3,050,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price target for the company. Evercore ISI raised their price objective on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Citigroup reaffirmed a “neutral” rating and issued a $205.00 price objective (down from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. StockNews.com raised AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 28th. Finally, Guggenheim raised their price objective on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $210.95.

AbbVie Stock Down 1.7%

Shares of ABBV opened at $181.74 on Thursday. The company has a market capitalization of $321.02 billion, a PE ratio of 75.72, a PEG ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The stock’s 50-day moving average price is $189.64 and its two-hundred day moving average price is $186.68. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.31 EPS. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

Insider Activity

In other news, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at $8,985,223.60. The trade was a 40.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares in the company, valued at $2,338,401.36. This represents a 62.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,693 shares of company stock valued at $22,282,985 in the last ninety days. 0.25% of the stock is owned by company insiders.

AbbVie 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.