Cornerstone Advisory LLC Sells 210 Shares of AbbVie Inc. (NYSE:ABBV)

Cornerstone Advisory LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,606 shares of the company’s stock after selling 210 shares during the period. Cornerstone Advisory LLC’s holdings in AbbVie were worth $3,270,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. Brighton Jones LLC raised its stake in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of AbbVie by 35.8% during the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after acquiring an additional 276 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of AbbVie by 1.0% during the 4th quarter. Loomis Sayles & Co. L P now owns 79,414 shares of the company’s stock worth $14,112,000 after acquiring an additional 824 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in shares of AbbVie by 3.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 817,389 shares of the company’s stock worth $145,250,000 after acquiring an additional 26,771 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ABBV. Evercore ISI boosted their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Guggenheim boosted their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. BNP Paribas raised AbbVie to a “hold” rating in a report on Thursday, May 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Finally, Morgan Stanley upped their price objective on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Trading Down 0.3%

Shares of ABBV stock opened at $190.22 on Friday. The stock has a market cap of $336.00 billion, a price-to-earnings ratio of 80.94, a PEG ratio of 1.26 and a beta of 0.48. The stock has a 50-day moving average of $187.62 and a 200-day moving average of $189.77. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66.

AbbVie (NYSE:ABBV) last released 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. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter last year, the firm posted $2.31 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.45%. AbbVie’s dividend payout ratio is currently 279.15%.

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.