Cornerstone Wealth Management LLC Has $2.51 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Cornerstone Wealth Management LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,698 shares of the company’s stock after selling 212 shares during the period. Cornerstone Wealth Management LLC’s holdings in AbbVie were worth $2,508,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ABBV. Alliance Wealth Advisors LLC grew its position in AbbVie by 2.3% in the third quarter. Alliance Wealth Advisors LLC now owns 5,100 shares of the company’s stock worth $1,007,000 after acquiring an additional 115 shares in the last quarter. B.O.S.S. Retirement Advisors LLC lifted its stake in shares of AbbVie by 9.6% in the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 24,005 shares of the company’s stock valued at $4,741,000 after purchasing an additional 2,105 shares during the last quarter. Twelve Points Wealth Management LLC boosted its holdings in AbbVie by 9.0% in the third quarter. Twelve Points Wealth Management LLC now owns 6,135 shares of the company’s stock worth $1,212,000 after purchasing an additional 508 shares in the last quarter. Kaydan Wealth Management Inc. acquired a new position in AbbVie during the third quarter worth $226,000. Finally, Firethorn Wealth Partners LLC raised its holdings in AbbVie by 6.7% during the third quarter. Firethorn Wealth Partners LLC now owns 2,832 shares of the company’s stock valued at $559,000 after buying an additional 177 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on ABBV shares. TD Cowen increased their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, UBS Group lifted their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $198.00.

AbbVie Trading Down 0.7 %

ABBV stock opened at $190.46 on Thursday. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company’s 50-day simple moving average is $194.50 and its 200 day simple moving average is $177.63. The company has a market capitalization of $336.33 billion, a PE ratio of 56.52, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.91 EPS. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.