Cornerstone Wealth Group LLC Buys 190 Shares of AbbVie Inc. (NYSE:ABBV)
by Kim Johansen · The Markets Daily
Cornerstone Wealth Group LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 9.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,181 shares of the company’s stock after buying an additional 190 shares during the period. Cornerstone Wealth Group LLC’s holdings in AbbVie were worth $325,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Miller Wealth Advisors LLC grew its holdings in shares of AbbVie by 140.0% during the second quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares in the last quarter. VitalStone Financial LLC grew its holdings in shares of AbbVie by 218.4% during the second quarter. VitalStone Financial LLC now owns 242 shares of the company’s stock worth $33,000 after purchasing an additional 166 shares in the last quarter. Hibernia Wealth Partners LLC purchased a new position in shares of AbbVie during the third quarter worth about $36,000. PCA Investment Advisory Services Inc. purchased a new position in shares of AbbVie during the second quarter worth about $38,000. Finally, Sanctuary Wealth Management L.L.C. purchased a new position in shares of AbbVie during the second quarter worth about $39,000. 67.86% of the stock is currently owned by institutional investors.
AbbVie Price Performance
Shares of AbbVie stock opened at $154.91 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.96 and a debt-to-equity ratio of 4.59. The company has a market cap of $273.50 billion, a PE ratio of 42.44, a P/E/G ratio of 2.76 and a beta of 0.48. The business has a 50 day moving average of $144.69 and a 200 day moving average of $144.98. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11.
AbbVie (NYSE:ABBV – Get Free Report) last announced its earnings results on Friday, October 27th. The company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.86 by $0.09. The company had revenue of $13.93 billion during the quarter, compared to the consensus estimate of $13.72 billion. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.66 earnings per share. As a group, equities research analysts forecast that AbbVie Inc. will post 11.24 earnings per share for the current year.
AbbVie Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Friday, January 12th. This is an increase from AbbVie’s previous quarterly dividend of $1.48. AbbVie’s dividend payout ratio is currently 169.86%.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. The Goldman Sachs Group raised AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 price objective for the company in a report on Monday, December 11th. HSBC lowered AbbVie from a “buy” rating to a “hold” rating and cut their target price for the stock from $167.00 to $156.00 in a research note on Monday, December 18th. Morgan Stanley upped their target price on AbbVie from $193.00 to $196.00 and gave the stock an “overweight” rating in a research note on Monday, October 30th. Raymond James upped their target price on AbbVie from $177.00 to $181.00 and gave the stock an “outperform” rating in a research note on Friday, December 1st. Finally, Barclays raised AbbVie from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $160.00 to $170.00 in a research note on Monday, October 30th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $167.59.
Check Out Our Latest Research Report on ABBV
AbbVie Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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