AbbVie Inc. (NYSE:ABBV) Shares Acquired by Cornerstone Advisors LLC

by · The Cerbat Gem

Cornerstone Advisors LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 5.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,400 shares of the company’s stock after purchasing an additional 4,200 shares during the quarter. Cornerstone Advisors LLC’s holdings in AbbVie were worth $18,103,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ABBV. EnRich Financial Partners LLC raised its position 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. Abound Financial LLC purchased a new position in shares of AbbVie in the 1st quarter worth $30,000. Siemens Fonds Invest GmbH raised its position in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie in the 1st quarter worth $35,000. Finally, Pinney & Scofield Inc. purchased a new position in shares of AbbVie in the 4th quarter worth $36,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on ABBV. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. 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. The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Bank of America raised their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Finally, Cantor Fitzgerald began coverage on AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $212.81.

Check Out Our Latest Stock Analysis on AbbVie

AbbVie Stock Up 0.7%

NYSE:ABBV opened at $198.53 on Wednesday. The company has a market capitalization of $350.68 billion, a price-to-earnings ratio of 94.54, a price-to-earnings-growth ratio of 1.26 and a beta of 0.50. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a 50-day simple moving average of $188.86 and a 200 day simple moving average of $190.65. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 518.10% and a net margin of 6.45%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $2.65 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.3%. AbbVie’s dividend payout ratio is 312.38%.

About AbbVie

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).