AbbVie Inc. (NYSE:ABBV) Shares Bought by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 128.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 66,073 shares of the company’s stock after acquiring an additional 37,203 shares during the period. AbbVie comprises about 1.1% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 21st largest holding. Cornerstone Wealth Group LLC’s holdings in AbbVie were worth $12,032,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. New Mexico Educational Retirement Board lifted its position in shares of AbbVie by 12.0% during the 1st quarter. New Mexico Educational Retirement Board now owns 102,755 shares of the company’s stock valued at $18,712,000 after acquiring an additional 11,000 shares during the last quarter. Winthrop Advisory Group LLC raised its stake in AbbVie by 2.2% during the 1st quarter. Winthrop Advisory Group LLC now owns 3,582 shares of the company’s stock valued at $652,000 after purchasing an additional 78 shares during the period. First Bank & Trust raised its stake in AbbVie by 3.8% during the 1st quarter. First Bank & Trust now owns 18,806 shares of the company’s stock valued at $3,425,000 after purchasing an additional 681 shares during the period. Grimes & Company Inc. raised its stake in AbbVie by 0.9% during the 1st quarter. Grimes & Company Inc. now owns 100,241 shares of the company’s stock valued at $18,254,000 after purchasing an additional 880 shares during the period. Finally, WoodTrust Financial Corp acquired a new stake in AbbVie during the 1st quarter valued at $526,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ABBV shares. Piper Sandler boosted their target price on shares of AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. BMO Capital Markets cut their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Barclays cut their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Guggenheim boosted their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Trading Up 1.5 %

Shares of NYSE:ABBV opened at $171.52 on Monday. The stock has a market capitalization of $302.88 billion, a PE ratio of 50.90, a P/E/G ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 1 year low of $132.13 and a 1 year high of $182.89. The firm has a fifty day moving average price of $164.60 and a 200 day moving average price of $167.63. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $2.46 earnings per share. Analysts expect that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is presently 183.98%.

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.