Cornerstone Capital Inc. Reduces Position in AbbVie Inc (ABBV)

Cornerstone Capital Inc. lessened its position in shares of AbbVie Inc (NYSE:ABBV) by 4.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 213,973 shares of the company’s stock after selling 9,691 shares during the period. AbbVie makes up approximately 3.3% of Cornerstone Capital Inc.’s portfolio, making the stock its 7th largest position. Cornerstone Capital Inc.’s holdings in AbbVie were worth $19,014,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Formidable Asset Management LLC grew its position in shares of AbbVie by 0.3% in the second quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock valued at $285,000 after purchasing an additional 10 shares during the period. WealthTrust Axiom LLC grew its position in shares of AbbVie by 0.3% in the second quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock valued at $312,000 after purchasing an additional 15 shares during the period. St. Louis Trust Co grew its position in shares of AbbVie by 0.7% in the second quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock valued at $248,000 after purchasing an additional 23 shares during the period. TRUE Private Wealth Advisors grew its position in shares of AbbVie by 0.6% in the second quarter. TRUE Private Wealth Advisors now owns 4,814 shares of the company’s stock valued at $349,000 after purchasing an additional 27 shares during the period. Finally, Aspen Investment Management Inc grew its position in shares of AbbVie by 0.8% in the second quarter. Aspen Investment Management Inc now owns 5,210 shares of the company’s stock valued at $378,000 after purchasing an additional 40 shares during the period. Institutional investors own 69.33% of the company’s stock.

AbbVie Inc (NYSE:ABBV) opened at $111.30 on Monday. The company has a debt-to-equity ratio of 5.08, a current ratio of 1.45 and a quick ratio of 1.32. The firm has a market cap of $177,682.66, a PE ratio of 33.83, a PEG ratio of 1.06 and a beta of 1.60. AbbVie Inc has a 52 week low of $60.15 and a 52 week high of $125.86.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.04. The firm had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the firm posted $1.20 earnings per share. research analysts anticipate that AbbVie Inc will post 7.46 EPS for the current year.

In other AbbVie news, SVP Timothy J. Richmond sold 87,040 shares of AbbVie stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the transaction, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at $11,136,467.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Laura J. Schumacher sold 145,510 shares of AbbVie stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 450,743 shares of company stock worth $43,153,684. Insiders own 0.23% of the company’s stock.

ABBV has been the topic of several research analyst reports. Societe Generale lifted their target price on shares of AbbVie in a research report on Tuesday, November 21st. SunTrust Banks lifted their target price on shares of AbbVie to $157.00 and gave the company an “average” rating in a research report on Monday, January 29th. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, October 17th. Jefferies Group lifted their target price on shares of AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, BidaskClub lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. AbbVie presently has an average rating of “Buy” and an average target price of $117.26.

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About AbbVie

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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