Cornerstone Wealth Group LLC Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Cornerstone Wealth Group LLC lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,733 shares of the company's stock after selling 3,051 shares during the period. AbbVie accounts for approximately 1.1% of Cornerstone Wealth Group LLC's portfolio, making the stock its 20th largest position. Cornerstone Wealth Group LLC's holdings in AbbVie were worth $13,772,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Invesco LLC acquired a new position in AbbVie during the first quarter worth approximately $215,000. Balboa Wealth Partners increased its holdings in shares of AbbVie by 8.6% in the 1st quarter. Balboa Wealth Partners now owns 7,810 shares of the company's stock valued at $1,636,000 after acquiring an additional 617 shares during the period. Berry Wealth Group LP raised its position in AbbVie by 36.3% in the 1st quarter. Berry Wealth Group LP now owns 2,901 shares of the company's stock valued at $608,000 after purchasing an additional 773 shares during the last quarter. Community Financial Services Group LLC boosted its stake in AbbVie by 269.2% during the 1st quarter. Community Financial Services Group LLC now owns 9,920 shares of the company's stock worth $2,078,000 after purchasing an additional 7,233 shares during the period. Finally, Embree Financial Group grew its position in AbbVie by 0.9% during the 1st quarter. Embree Financial Group now owns 19,688 shares of the company's stock worth $4,125,000 after purchasing an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective for the company. Bank of America lifted their target price on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Citigroup boosted their target price on AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Morgan Stanley upped their price target on AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $211.29.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.08% of the stock is owned by corporate insiders.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $0.09 during trading on Wednesday, hitting $185.64. 4,469,960 shares of the stock were exchanged, compared to its average volume of 6,224,161. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The company has a market cap of $327.91 billion, a PE ratio of 79.00, a P/E/G ratio of 1.22 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.52 and a 12-month high of $218.66. The company has a fifty day moving average price of $185.46 and a two-hundred day moving average price of $187.82.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. AbbVie's quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie's dividend payout ratio is presently 279.15%.

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.