Cornerstone Wealth Management LLC Grows Holdings in AbbVie Inc (ABBV)

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Cornerstone Wealth Management LLC raised its position in shares of AbbVie Inc (NYSE:ABBV) by 8,774.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,102,183 shares of the company’s stock after acquiring an additional 1,089,763 shares during the period. Cornerstone Wealth Management LLC owned approximately 0.07% of AbbVie worth $11,837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of ABBV. Truewealth LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at about $126,000. Delpha Capital Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $131,000. Virtue Capital Management LLC purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $139,000. Fairfield Bush & CO. purchased a new position in shares of AbbVie in the 1st quarter valued at approximately $146,000. Finally, Trustcore Financial Services LLC purchased a new position in shares of AbbVie in the 4th quarter valued at approximately $148,000. Institutional investors and hedge funds own 69.37% of the company’s stock.

In other news, Director Edward J. Rapp acquired 1,013 shares of the firm’s stock in a transaction on Wednesday, June 20th. The shares were bought at an average price of $98.63 per share, for a total transaction of $99,912.19. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Timothy J. Richmond sold 17,588 shares of the firm’s stock in a transaction on Friday, June 15th. The shares were sold at an average price of $99.47, for a total value of $1,749,478.36. The disclosure for this sale can be found here. Company insiders own 0.07% of the company’s stock.

AbbVie stock traded up $3.09 during trading on Thursday, reaching $96.33. The company had a trading volume of 4,813,600 shares, compared to its average volume of 7,266,513. AbbVie Inc has a 1-year low of $83.19 and a 1-year high of $125.86. The stock has a market capitalization of $141.10 billion, a P/E ratio of 17.16, a P/E/G ratio of 0.85 and a beta of 1.54. The company has a debt-to-equity ratio of -9.06, a quick ratio of 0.71 and a current ratio of 0.80.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02. The firm had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 EPS. sell-side analysts predict that AbbVie Inc will post 7.86 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a yield of 3.99%. AbbVie’s payout ratio is currently 68.57%.

Several equities analysts recently commented on the stock. Bank of America increased their price objective on shares of AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. BMO Capital Markets reissued a “sell” rating and set a $78.00 price target on shares of AbbVie in a research report on Wednesday, August 22nd. Piper Jaffray Companies reissued a “hold” rating and set a $100.00 price target on shares of AbbVie in a research report on Friday, July 27th. Cowen set a $110.00 price target on shares of AbbVie and gave the stock a “buy” rating in a research report on Friday, July 27th. Finally, Jefferies Financial Group set a $100.00 price target on shares of AbbVie and gave the stock a “buy” rating in a research report on Sunday, July 15th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $106.31.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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