Patten & Patten Inc. TN Sells 10,986 Shares of AbbVie Inc (ABBV)

Patten & Patten Inc. TN Sells 10,986 Shares of AbbVie Inc (ABBV)

A number of other institutional investors also recently added to or reduced their stakes in ABBV. Gyroscope Capital Management Group LLC increased its position in AbbVie by 5.9% in the fourth quarter. Gyroscope Capital Management Group LLC now owns 70,185 shares of the company’s stock worth $4,395,000 after buying an additional 3,926 shares during the last quarter. Kempen Capital Management N.V. purchased a new position in AbbVie during the third quarter worth about $19,889,000. Toth Financial Advisory Corp increased its position in AbbVie by 2.6% in the first quarter. Toth Financial Advisory Corp now owns 61,012 shares of the company’s stock worth $3,976,000 after buying an additional 1,536 shares during the last quarter. First Capital Advisors Group LLC. purchased a new position in AbbVie during the fourth quarter worth about $1,117,000. Finally, Raymond James Financial Services Advisors Inc. increased its position in AbbVie by 77.5% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 833,464 shares of the company’s stock worth $52,191,000 after buying an additional 363,937 shares during the last quarter. 66.67% of the stock is currently owned by hedge funds and other institutional investors.

Patten & Patten Inc. TN cut its stake in shares of AbbVie Inc (NYSE:ABBV) by 5.5% during the first quarter, Holdings Channel reports. The fund owned 190,342 shares of the company’s stock after selling 10,986 shares during the period. AbbVie comprises approximately 1.4% of Patten & Patten Inc. TN’s investment portfolio, making the stock its 13th largest position. Patten & Patten Inc. TN’s holdings in AbbVie were worth $12,403,000 at the end of the most recent quarter.

AbbVie Inc (ABBV) traded up 0.12% during mid-day trading on Wednesday, hitting $66.10. The stock had a trading volume of 1,199,792 shares. AbbVie Inc has a 1-year low of $55.06 and a 1-year high of $68.12. The stock has a market cap of $105.20 billion, a PE ratio of 17.13 and a beta of 1.57. The firm’s 50-day moving average price is $65.53 and its 200-day moving average price is $63.27.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, April 27th. The company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.26 by $0.02. AbbVie had a return on equity of 141.55% and a net margin of 23.22%. The business had revenue of $6.54 billion for the quarter, compared to the consensus estimate of $6.49 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. AbbVie’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities analysts expect that AbbVie Inc will post $5.53 earnings per share for the current year.

A number of research firms recently issued reports on ABBV. BMO Capital Markets reiterated a “hold” rating and set a $63.00 price objective on shares of AbbVie in a report on Tuesday, April 18th. Vetr downgraded AbbVie from a “strong-buy” rating to a “buy” rating and set a $71.84 price objective for the company. in a report on Monday, May 15th. Leerink Swann set a $71.00 price objective on AbbVie and gave the stock a “hold” rating in a report on Thursday, April 20th. Jefferies Group LLC reiterated a “buy” rating on shares of AbbVie in a report on Friday, May 26th. Finally, Societe Generale upgraded AbbVie from a “sell” rating to a “hold” rating in a report on Wednesday, March 22nd. Ten investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. AbbVie currently has a consensus rating of “Hold” and a consensus price target of $72.18.

In related news, EVP Carlos Alban sold 43,000 shares of the stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $67.00, for a total value of $2,881,000.00. Following the sale, the executive vice president now owns 114,745 shares in the company, valued at $7,687,915. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard A. Gonzalez sold 71,235 shares of the stock in a transaction on Friday, May 19th. The stock was sold at an average price of $65.49, for a total value of $4,665,180.15. Following the completion of the sale, the chairman now owns 349,462 shares in the company, valued at approximately $22,886,266.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 292,134 shares of company stock worth $19,087,407. Company insiders own 0.11% of the company’s stock.

AbbVie Company Profile

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “ABBV”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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