Cornerstone Wealth Management LLC Has $2.39 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Cornerstone Wealth Management LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 5.2% during the first quarter, Holdings Channel.com reports. The firm owned 13,127 shares of the company’s stock after selling 715 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in AbbVie were worth $2,390,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Lokken Investment Group LLC grew its holdings in AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after purchasing an additional 58 shares during the period. Aspen Wealth Strategies LLC boosted its position in shares of AbbVie by 0.5% during the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock worth $1,776,000 after purchasing an additional 61 shares in the last quarter. Marks Group Wealth Management Inc grew its stake in shares of AbbVie by 2.9% in the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after buying an additional 63 shares during the period. Avion Wealth increased its position in AbbVie by 11.9% in the 4th quarter. Avion Wealth now owns 612 shares of the company’s stock valued at $95,000 after buying an additional 65 shares in the last quarter. Finally, White Pine Capital LLC raised its stake in AbbVie by 1.2% during the 4th quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock worth $852,000 after buying an additional 65 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $163.84 on Friday. The business’s fifty day simple moving average is $164.50 and its 200 day simple moving average is $167.80. 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 Inc. has a 12 month low of $132.70 and a 12 month high of $182.89. The firm has a market capitalization of $289.32 billion, a P/E ratio of 48.62, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.46 EPS. As a group, analysts anticipate that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analyst Ratings Changes

Several equities research analysts have recently commented on ABBV shares. Guggenheim boosted their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Tuesday. BMO Capital Markets dropped their price objective 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 decreased their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

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.