Cornerstone Wealth Group LLC Raises Stake in AbbVie Inc. (NYSE:ABBV)

Cornerstone Wealth Group LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 67,657 shares of the company’s stock after acquiring an additional 126 shares during the quarter. AbbVie makes up approximately 1.1% of Cornerstone Wealth Group LLC’s investment portfolio, making the stock its 20th largest position. Cornerstone Wealth Group LLC’s holdings in AbbVie were worth $13,361,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new position in AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter valued at $27,000. Quest Partners LLC grew its holdings in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in AbbVie in the 3rd quarter valued at $39,000. Finally, Burkett Financial Services LLC grew its holdings in AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after buying an additional 82 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Performance

NYSE ABBV opened at $201.55 on Thursday. The business’s 50-day moving average price is $193.85 and its 200 day moving average price is $178.91. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $202.35. The company has a market capitalization of $355.91 billion, a PE ratio of 59.81, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.25%. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ABBV shares. Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Bank of America increased their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Truist Financial increased their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley increased their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $199.39.

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.