AbbVie Inc. $ABBV is Patten & Patten Inc. TN’s 10th Largest Position

Patten & Patten Inc. TN reduced its position in AbbVie Inc. (NYSE:ABBV) by 3.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 173,693 shares of the company’s stock after selling 6,149 shares during the period. AbbVie makes up approximately 2.1% of Patten & Patten Inc. TN’s holdings, making the stock its 10th largest holding. Patten & Patten Inc. TN’s holdings in AbbVie were worth $32,241,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie in the second quarter worth $25,000. TD Capital Management LLC boosted its holdings in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC bought a new position in shares of AbbVie in the first quarter worth $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie in the first quarter worth $35,000. Finally, Bear Mountain Capital Inc. boosted its holdings in shares of AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ABBV. Cantor Fitzgerald set a $250.00 price target on AbbVie and gave the stock an “overweight” rating in a report on Thursday, October 9th. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and raised their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. BMO Capital Markets lifted their price objective on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Finally, Bank of America lifted their price objective on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $231.90.

AbbVie Price Performance

NYSE:ABBV opened at $226.31 on Thursday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a fifty day moving average of $216.72 and a 200 day moving average of $197.32. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The firm has a market capitalization of $399.80 billion, a price-to-earnings ratio of 107.77, a P/E/G ratio of 1.48 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the firm earned $2.65 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie’s payout ratio is 312.38%.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.