Patten & Patten Inc. TN Sells 3,366 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Patten & Patten Inc. TN reduced its stake in AbbVie Inc. by 1.8%, selling 3,366 shares, which now represent 2.5% of its investment portfolio.
• A recent earnings report showed AbbVie exceeded expectations with $2.46 EPS and $13.34 billion in revenue, an increase of 8.4% year-over-year.
• AbbVie announced a quarterly dividend of $1.64 per share, translating to a 3.45% yield, with the payout scheduled for August 15th.

Patten & Patten Inc. TN lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 179,842 shares of the company's stock after selling 3,366 shares during the period. AbbVie comprises 2.5% of Patten & Patten Inc. TN's portfolio, making the stock its 6th biggest holding. Patten & Patten Inc. TN's holdings in AbbVie were worth $37,680,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its holdings in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Quantbot Technologies LP lifted its holdings in AbbVie by 35.8% during the 4th quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock valued at $186,000 after purchasing an additional 276 shares during the last quarter. RiverFront Investment Group LLC lifted its holdings in AbbVie by 10.7% during the 4th quarter. RiverFront Investment Group LLC now owns 3,481 shares of the company's stock valued at $619,000 after purchasing an additional 337 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. lifted its holdings in AbbVie by 12.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 5,607 shares of the company's stock valued at $997,000 after purchasing an additional 610 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $1.50 on Thursday, hitting $190.81. The company had a trading volume of 6,494,495 shares, compared to its average volume of 6,839,678. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The stock has a market cap of $337.05 billion, a price-to-earnings ratio of 81.20, a P/E/G ratio of 1.26 and a beta of 0.48. The stock has a 50 day moving average price of $187.97 and a 200 day moving average price of $189.95. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 7.31% and a return on equity of 412.03%. During the same quarter last year, the company earned $2.65 earnings per share. The firm's quarterly revenue was up 6.6% on a year-over-year basis. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.44%. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Wall Street Analyst Weigh In

ABBV has been the subject of several research reports. The Goldman Sachs Group restated a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley boosted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Finally, Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $211.29.

About AbbVie

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.