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

Cornerstone Capital Inc. boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,827 shares of the company’s stock after acquiring an additional 1,638 shares during the quarter. AbbVie accounts for approximately 3.4% of Cornerstone Capital Inc.’s holdings, making the stock its 6th largest position. Cornerstone Capital Inc.’s holdings in AbbVie were worth $36,105,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Fairway Wealth LLC bought a new stake in AbbVie during the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter valued at about $27,000. Quest Partners LLC grew its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC bought a new position in AbbVie during the third quarter valued at approximately $39,000. Finally, Burkett Financial Services LLC lifted its stake in AbbVie by 61.2% in the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after purchasing an additional 82 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $0.68 during midday trading on Tuesday, hitting $201.15. The company had a trading volume of 788,448 shares, compared to its average volume of 5,299,043. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $207.32. The stock has a market cap of $355.30 billion, a price-to-earnings ratio of 69.61, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. The business’s 50-day simple moving average is $194.18 and its 200-day simple moving average is $179.85. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

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

AbbVie Increases Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. BMO Capital Markets upped their target price on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company lifted their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $201.00.

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.