Cornerstone Advisors LLC Invests $12.82 Million in AbbVie Inc. (NYSE:ABBV)

Cornerstone Advisors LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBVFree Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 86,000 shares of the company’s stock, valued at approximately $12,819,000.

A number of other institutional investors also recently modified their holdings of ABBV. Sonen Capital LLC bought a new stake in AbbVie during the third quarter worth about $212,000. Navellier & Associates Inc. grew its stake in shares of AbbVie by 25.2% in the 3rd quarter. Navellier & Associates Inc. now owns 36,726 shares of the company’s stock worth $5,474,000 after buying an additional 7,399 shares during the last quarter. EMC Capital Management bought a new position in AbbVie in the 3rd quarter valued at approximately $150,000. Nichols & Pratt Advisers LLP MA lifted its position in AbbVie by 1.4% in the 3rd quarter. Nichols & Pratt Advisers LLP MA now owns 27,972 shares of the company’s stock valued at $4,168,000 after acquiring an additional 397 shares in the last quarter. Finally, RS Crum Inc. lifted its position in AbbVie by 15.6% in the 3rd quarter. RS Crum Inc. now owns 1,850 shares of the company’s stock valued at $276,000 after acquiring an additional 250 shares in the last quarter. 67.86% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.60 during trading on Monday, reaching $173.48. 1,313,838 shares of the stock traded hands, compared to its average volume of 5,374,255. The company has a market capitalization of $312.26 billion, a price-to-earnings ratio of 63.50, a P/E/G ratio of 2.21 and a beta of 0.57. The business has a fifty day simple moving average of $159.86 and a two-hundred day simple moving average of $151.31. The company has a debt-to-equity ratio of 4.59, a current ratio of 0.96 and a quick ratio of 0.84. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $175.91.

AbbVie (NYSE:ABBVGet Free Report) last issued its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. The firm had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 154.73% and a net margin of 8.95%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.60 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 11.14 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ABBV shares. Raymond James increased their price target on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Barclays increased their price target on AbbVie from $175.00 to $185.00 and gave the company an “overweight” rating in a report on Monday, February 5th. BMO Capital Markets upped their price objective on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. UBS Group reduced their price objective on AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Finally, William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $175.36.

Get Our Latest Stock Report on ABBV

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 2,912 shares of the stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $154.72, for a total value of $450,544.64. Following the completion of the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $8,649,312.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

AbbVie Company Profile

(Free Report)

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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