Patton Fund Management Inc. Has $4.60 Million Position in AbbVie Inc. (NYSE:ABBV)

Patton Fund Management Inc. decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 23.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,930 shares of the company's stock after selling 6,536 shares during the quarter. Patton Fund Management Inc.'s holdings in AbbVie were worth $4,595,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. Vista Investment Partners LLC lifted its position in AbbVie by 0.6% in the first quarter. Vista Investment Partners LLC now owns 28,942 shares of the company's stock worth $6,064,000 after purchasing an additional 175 shares during the period. Vicus Capital raised its position in AbbVie by 10.9% in the first quarter. Vicus Capital now owns 3,130 shares of the company's stock worth $656,000 after acquiring an additional 307 shares in the last quarter. Blackston Financial Advisory Group LLC grew its stake in shares of AbbVie by 1.9% in the 1st quarter. Blackston Financial Advisory Group LLC now owns 4,919 shares of the company's stock worth $1,030,000 after purchasing an additional 91 shares during the last quarter. Fortitude Advisory Group L.L.C. raised its holdings in shares of AbbVie by 2.1% in the 1st quarter. Fortitude Advisory Group L.L.C. now owns 5,215 shares of the company's stock worth $1,093,000 after purchasing an additional 109 shares in the last quarter. Finally, Grove Bank & Trust increased its stake in AbbVie by 14.4% in the 1st quarter. Grove Bank & Trust now owns 15,037 shares of the company's stock worth $3,151,000 after purchasing an additional 1,896 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.1%

Shares of NYSE ABBV traded down $0.22 during mid-day trading on Wednesday, reaching $185.26. 3,572,665 shares of the company's stock were exchanged, compared to its average volume of 6,243,187. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The business has a fifty day simple moving average of $184.64 and a 200 day simple moving average of $187.59. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The firm has a market capitalization of $327.24 billion, a price-to-earnings ratio of 78.83, a PEG ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter last year, the business posted $2.31 EPS. The company's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have commented on ABBV shares. Bank of America increased their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Cantor Fitzgerald initiated coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price objective on the stock. Evercore ISI increased their target price on shares of AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. BNP Paribas raised AbbVie to a "hold" rating in a research report on Thursday, May 8th. Finally, Erste Group Bank raised AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $211.29.

Insider Activity at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by company insiders.

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.