AbbVie Inc. $ABBV Shares Sold by Patten & Patten Inc. TN

Key Points

• Patten & Patten Inc. TN has reduced its stake in AbbVie Inc. by 3.4%, owning 173,693 shares after selling 6,149 shares, which comprises about 2.1% of their portfolio.
• AbbVie recently missed analysts' earnings expectations, reporting $2.97 EPS compared to an expected $3.24, but achieved $15.42 billion in revenue for the quarter.
• The company declared a quarterly dividend of $1.64 per share, with an annualized dividend yield of 2.9%, reflecting a high payout ratio of 312.38%.

Patten & Patten Inc. TN lessened its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 173,693 shares of the company's stock after selling 6,149 shares during the period. AbbVie accounts for about 2.1% of Patten & Patten Inc. TN's portfolio, making the stock its 10th biggest holding. Patten & Patten Inc. TN's holdings in AbbVie were worth $32,241,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of AbbVie in the first quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. boosted its position in shares of AbbVie by 550.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after purchasing an additional 3,666,521 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of AbbVie during the 2nd quarter valued at about $581,817,000. Finally, Bessemer Group Inc. boosted its position in shares of AbbVie by 147.6% during the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after purchasing an additional 1,641,091 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $226.31 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $399.80 billion, a price-to-earnings ratio of 107.77, a PEG ratio of 1.48 and a beta of 0.51. The stock has a 50 day moving average of $216.72 and a 200 day moving average of $197.32. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.65 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Weiss Ratings reissued a "hold (c)" rating on shares of AbbVie in a research note on Wednesday, October 8th. Finally, Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and increased their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $231.90.

AbbVie 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.

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