Montecito Bank & Trust Buys 3,800 Shares of AbbVie Inc. (NYSE:ABBV)

Montecito Bank & Trust grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 49,472 shares of the company’s stock after acquiring an additional 3,800 shares during the period. AbbVie comprises 1.1% of Montecito Bank & Trust’s investment portfolio, making the stock its 22nd biggest position. Montecito Bank & Trust’s holdings in AbbVie were worth $4,333,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of ABBV. Capstone Financial Group Inc. purchased a new stake in AbbVie in the 2nd quarter worth $25,000. James Investment Research Inc. purchased a new position in shares of AbbVie in the third quarter valued at about $32,000. RMR Wealth Builders bought a new position in shares of AbbVie in the second quarter worth about $44,000. Weaver Consulting Group grew its position in shares of AbbVie by 64.3% during the second quarter. Weaver Consulting Group now owns 562 shares of the company’s stock worth $55,000 after purchasing an additional 220 shares in the last quarter. Finally, Larson Financial Group LLC raised its stake in AbbVie by 56.4% during the 2nd quarter. Larson Financial Group LLC now owns 638 shares of the company’s stock valued at $63,000 after purchasing an additional 230 shares during the period. Institutional investors own 68.23% of the company’s stock.

Shares of NYSE:ABBV traded up $4.10 on Friday, reaching $84.77. The company had a trading volume of 774,656 shares, compared to its average volume of 9,652,167. The firm has a market capitalization of $142.37 billion, a PE ratio of 18.01, a PEG ratio of 1.40 and a beta of 0.74. AbbVie Inc. has a 52-week low of $62.55 and a 52-week high of $101.28. The company has a current ratio of 0.86, a quick ratio of 0.70 and a debt-to-equity ratio of 5.57. The firm’s 50 day simple moving average is $87.03 and its 200-day simple moving average is $91.04.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.20 by $0.14. The firm had revenue of $10.43 billion during the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a net margin of 19.20% and a negative return on equity of 628.57%. AbbVie’s revenue was up 26.3% on a year-over-year basis. During the same period last year, the firm posted $2.26 EPS. As a group, equities research analysts predict that AbbVie Inc. will post 10.42 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be paid a dividend of $1.30 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.18. This represents a $5.20 dividend on an annualized basis and a yield of 6.13%. AbbVie’s dividend payout ratio is presently 52.80%.

ABBV has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of AbbVie from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, October 16th. Mizuho reaffirmed a “buy” rating and set a $111.00 target price on shares of AbbVie in a research note on Sunday, September 27th. Citigroup lifted their price target on shares of AbbVie from $98.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Berenberg Bank assumed coverage on shares of AbbVie in a report on Tuesday, September 29th. They set a “hold” rating and a $98.00 price objective for the company. Finally, Morgan Stanley lifted their target price on AbbVie from $95.00 to $108.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $108.71.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

Featured Article: What is a Buy-Side Analyst?

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.