First Citizens Bank & Trust Co. Buys 4,538 Shares of AbbVie Inc. (NYSE:ABBV)

First Citizens Bank & Trust Co. raised its stake in AbbVie Inc. (NYSE:ABBV) by 12.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 42,448 shares of the company’s stock after buying an additional 4,538 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in AbbVie were worth $3,718,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. First Dallas Securities Inc. bought a new stake in shares of AbbVie in the third quarter worth $2,701,000. Hodges Capital Management Inc. lifted its position in shares of AbbVie by 10.3% in the third quarter. Hodges Capital Management Inc. now owns 62,953 shares of the company’s stock worth $5,514,000 after purchasing an additional 5,897 shares in the last quarter. Manchester Financial Inc. lifted its position in shares of AbbVie by 24.9% in the third quarter. Manchester Financial Inc. now owns 1,666 shares of the company’s stock worth $146,000 after purchasing an additional 332 shares in the last quarter. Diversified Trust Co lifted its position in shares of AbbVie by 1.4% in the third quarter. Diversified Trust Co now owns 20,643 shares of the company’s stock worth $1,808,000 after purchasing an additional 285 shares in the last quarter. Finally, Coastline Trust Co lifted its position in shares of AbbVie by 3.9% in the third quarter. Coastline Trust Co now owns 28,031 shares of the company’s stock worth $2,455,000 after purchasing an additional 1,055 shares in the last quarter. 68.23% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:ABBV opened at $86.27 on Friday. AbbVie Inc. has a one year low of $62.55 and a one year high of $101.28. The company has a market cap of $152.25 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.42 and a beta of 0.74. The firm’s fifty day moving average price is $89.38 and its two-hundred day moving average price is $90.44. The company has a debt-to-equity ratio of 5.57, a current ratio of 0.86 and a quick ratio of 0.70.

AbbVie (NYSE:ABBV) last released 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. AbbVie had a net margin of 19.20% and a negative return on equity of 628.57%. The firm had revenue of $10.43 billion for the quarter, compared to the consensus estimate of $10.14 billion. During the same period in the previous year, the company earned $2.26 earnings per share. The company’s quarterly revenue was up 26.3% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 10.44 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a $1.18 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $4.72 annualized dividend and a dividend yield of 5.47%. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.

A number of brokerages have recently commented on ABBV. Mizuho reissued a “buy” rating and issued a $111.00 price objective on shares of AbbVie in a research report on Sunday, September 27th. Berenberg Bank began coverage on shares of AbbVie in a research report on Tuesday, September 29th. They issued a “hold” rating and a $98.00 price objective on the stock. Atlantic Securities upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Citigroup boosted their target price on shares of AbbVie from $98.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $108.63.

About AbbVie

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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