Cornerstone Select Advisors LLC Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Cornerstone Select Advisors LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,021 shares of the company's stock, valued at approximately $1,781,000. AbbVie comprises approximately 1.7% of Cornerstone Select Advisors LLC's holdings, making the stock its 13th largest position.

A number of other large investors have also recently made changes to their positions in the stock. Fiduciary Advisors Inc. acquired a new stake in AbbVie during the 4th quarter worth about $29,000. EnRich Financial Partners LLC increased its stake in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC acquired a new position in shares of AbbVie during the fourth quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie in the fourth quarter valued at approximately $31,000. Finally, Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie in the fourth quarter worth approximately $32,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Perry C. Siatis sold 5,778 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the transaction, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. This trade represents a 20.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This represents a 52.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,471 shares of company stock worth $23,426,451. Corporate insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on ABBV shares. Bank of America lifted their target price on shares of AbbVie from $200.00 to $223.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Cantor Fitzgerald began coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price objective for the company. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. StockNews.com upgraded AbbVie from a "buy" rating to a "strong-buy" rating in a research report on Monday, April 28th. Finally, Citigroup raised their target price on AbbVie from $205.00 to $215.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average target price of $211.41.

AbbVie Stock Down 4.5 %

Shares of NYSE:ABBV opened at $187.32 on Wednesday. The firm's 50 day moving average price is $195.64 and its 200 day moving average price is $187.27. The stock has a market cap of $331.37 billion, a price-to-earnings ratio of 78.05, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company's revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $2.31 EPS. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.50%. AbbVie's dividend payout ratio is currently 279.15%.

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.

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