Cornerstone Wealth Group LLC Has $11.58 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Cornerstone Wealth Group LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 67,531 shares of the company’s stock after purchasing an additional 1,458 shares during the period. AbbVie accounts for about 1.0% of Cornerstone Wealth Group LLC’s investment portfolio, making the stock its 22nd biggest holding. Cornerstone Wealth Group LLC’s holdings in AbbVie were worth $11,583,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie in the first quarter valued at approximately $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie in the first quarter valued at approximately $37,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on ABBV shares. Wells Fargo & Company lifted their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets lifted their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Barclays lifted their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.64.

AbbVie Stock Performance

Shares of ABBV stock traded up $1.18 during trading on Friday, hitting $197.55. The company’s stock had a trading volume of 4,243,980 shares, compared to its average volume of 5,489,359. The company has a market cap of $348.85 billion, a PE ratio of 58.56, a P/E/G ratio of 2.49 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The business has a fifty day moving average of $178.35 and a 200-day moving average of $172.98. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $197.98.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the business earned $2.91 earnings per share. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were paid a $1.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.14%. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was 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 in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was 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 in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

About AbbVie

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.