Patten & Patten Inc. TN Reduces Position in AbbVie Inc. (NYSE:ABBV)

Patten & Patten Inc. TN reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 185,936 shares of the company’s stock after selling 2,276 shares during the period. AbbVie comprises approximately 2.4% of Patten & Patten Inc. TN’s portfolio, making the stock its 6th biggest position. Patten & Patten Inc. TN’s holdings in AbbVie were worth $36,719,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the 2nd quarter worth $27,000. Quest Partners LLC raised its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the 3rd quarter worth approximately $39,000. Finally, Burkett Financial Services LLC boosted its position in AbbVie by 61.2% during the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after buying an additional 82 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent research reports. UBS Group raised their price objective on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Truist Financial lifted their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Guggenheim raised their price objective on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Barclays upped their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $205.82.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $199.50 on Monday. The firm has a market cap of $352.54 billion, a price-to-earnings ratio of 69.27, a P/E/G ratio of 2.46 and a beta of 0.63. The firm has a fifty day moving average price of $194.58 and a 200 day moving average price of $180.69. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.71 and a current ratio of 0.65.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the business posted $2.95 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 215.28%.

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.