Cornerstone Capital Inc. Has $36.11 Million Stake in AbbVie Inc. (NYSE:ABBV)

Cornerstone Capital Inc. increased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 182,827 shares of the company’s stock after purchasing an additional 1,638 shares during the period. AbbVie makes up 3.4% of Cornerstone Capital Inc.’s portfolio, making the stock its 6th biggest position. Cornerstone Capital Inc.’s holdings in AbbVie were worth $36,105,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Pine Haven Investment Counsel Inc increased its position in shares of AbbVie by 0.3% during the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after purchasing an additional 52 shares in the last quarter. Frisch Financial Group Inc. raised its position in AbbVie by 0.8% in the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after acquiring an additional 53 shares in the last quarter. First Citizens Financial Corp boosted its holdings in AbbVie by 0.9% during the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after buying an additional 53 shares in the last quarter. Sunflower Bank N.A. grew its holdings in shares of AbbVie by 0.4% in the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock worth $2,710,000 after acquiring an additional 53 shares during the period. Finally, Professional Financial Advisors LLC grew its stake in AbbVie by 3.4% in the 3rd quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock valued at $323,000 after acquiring an additional 54 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the subject of several analyst reports. Bank of America upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Truist Financial increased their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Morgan Stanley upped their target price on AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, TD Cowen boosted their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $201.00.

AbbVie Stock Performance

Shares of ABBV traded up $0.68 during mid-day trading on Tuesday, hitting $201.15. The stock had a trading volume of 788,448 shares, compared to its average volume of 5,299,043. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market cap of $355.30 billion, a P/E ratio of 69.61, a PEG ratio of 2.54 and a beta of 0.63. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32. The business has a fifty day moving average price of $194.18 and a 200-day moving average price of $179.85.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.95 EPS. On average, equities research analysts expect that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.26%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is 215.28%.

About AbbVie

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.