Cornerstone Capital buys $14.6 Million stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Cornerstone Capital scooped up 5,490 additional shares in AbbVie Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 236,114 shares of AbbVie Inc which is valued at $14.6 Million.AbbVie Inc makes up approximately 3.25% of Cornerstone Capital’s portfolio.

Other Hedge Funds, Including , Alley Co reduced its stake in ABBV by selling 77,106 shares or 62.97% in the most recent quarter. The Hedge Fund company now holds 45,342 shares of ABBV which is valued at $2.8 Million. AbbVie Inc makes up approx 1.34% of Alley Co’s portfolio.Cornerstone Capital Management Holdings. reduced its stake in ABBV by selling 77,244 shares or 9.67% in the most recent quarter. The Hedge Fund company now holds 721,277 shares of ABBV which is valued at $44.7 Million. AbbVie Inc makes up approx 0.38% of Cornerstone Capital Management Holdings.’s portfolio.Smithfield Trust Co boosted its stake in ABBV in the latest quarter, The investment management firm added 1,586 additional shares and now holds a total of 24,518 shares of AbbVie Inc which is valued at $1.5 Million. AbbVie Inc makes up approx 0.30% of Smithfield Trust Co’s portfolio.Kames Capital Plc boosted its stake in ABBV in the latest quarter, The investment management firm added 44,873 additional shares and now holds a total of 432,751 shares of AbbVie Inc which is valued at $26.4 Million. AbbVie Inc makes up approx 0.79% of Kames Capital Plc’s portfolio.

AbbVie Inc opened for trading at $59.63 and hit $60.05 on the upside on Friday, eventually ending the session at $59.69, with a gain of 0.69% or 0.41 points. The heightened volatility saw the trading volume jump to 1,12,59,353 shares. Company has a market cap of $96,540 M.

On the company’s financial health, AbbVie Inc reported $1.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $1.14. The company had revenue of $5958.00 million for the quarter, compared to analysts expectations of $5978.41 million. The company’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS.

Many Wall Street Analysts have commented on AbbVie Inc. Societe Generale Initiated AbbVie Inc on Apr 6, 2016 to “Sell”, Price Target of the shares are set at $47.Deutsche Bank Initiated AbbVie Inc on Mar 15, 2016 to “Hold”, Price Target of the shares are set at $63.AbbVie Inc was Upgraded by Citigroup to ” Buy” on Feb 23, 2016.

AbbVie Inc. (AbbVie) is a global research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company’s products are focused on treating conditions such as chronic autoimmune diseases including rheumatoid arthritis psoriasis and Crohn’s disease; hepatitis C (HCV); human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis and other health conditions such as low testosterone. AbbVie also has a pipeline of new medicines including over 30 compounds or indications in Phase II or Phase III development across a range of medical specialties such as immunology virology/liver disease oncology renal disease neurological diseases and women’s health. The Company’s product portfolio includes HUMIRA HCV products Additional Virology products Metabolics/Hormones products Endocrinology products and other products.

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