Cornerstone Planning Group LLC Sells 841 Shares of AbbVie Inc. (NYSE:ABBV)

Cornerstone Planning Group LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 35.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,542 shares of the company’s stock after selling 841 shares during the quarter. Cornerstone Planning Group LLC’s holdings in AbbVie were worth $292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. Pinnacle Financial Partners Inc increased its stake in AbbVie by 2.6% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 175,654 shares of the company’s stock worth $34,688,000 after buying an additional 4,441 shares in the last quarter. Mengis Capital Management Inc. boosted its stake in AbbVie by 1.3% in the 3rd quarter. Mengis Capital Management Inc. now owns 9,023 shares of the company’s stock worth $1,782,000 after purchasing an additional 115 shares during the period. Rossmore Private Capital grew its holdings in AbbVie by 2.4% during the 3rd quarter. Rossmore Private Capital now owns 42,929 shares of the company’s stock valued at $8,478,000 after buying an additional 999 shares in the last quarter. Souders Financial Advisors raised its position in shares of AbbVie by 1.9% during the third quarter. Souders Financial Advisors now owns 22,340 shares of the company’s stock valued at $4,412,000 after buying an additional 416 shares during the last quarter. Finally, Dillon & Associates Inc. raised its position in shares of AbbVie by 0.8% during the third quarter. Dillon & Associates Inc. now owns 6,914 shares of the company’s stock valued at $1,362,000 after buying an additional 52 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barclays raised their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Bank of America boosted their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. TD Cowen increased their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $204.06.

AbbVie Stock Performance

AbbVie stock opened at $171.40 on Wednesday. The company has a 50 day moving average price of $194.14 and a 200-day moving average price of $180.83. The company has a market capitalization of $302.89 billion, a PE ratio of 59.41, a P/E/G ratio of 2.12 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $136.30 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the firm posted $2.95 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.83%. AbbVie’s payout ratio is 215.28%.

AbbVie Company 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.