Patton Fund Management Inc. Sells 6,536 Shares of AbbVie Inc. (NYSE:ABBV)

Patton Fund Management Inc. lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 23.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock worth $30,754,908,000 after purchasing an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC lifted its stake in AbbVie by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after purchasing an additional 983,888 shares during the last quarter. Capital Research Global Investors grew its holdings in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock worth $6,038,898,000 after purchasing an additional 778,126 shares during the period. Charles Schwab Investment Management Inc. increased its position in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after buying an additional 3,599,336 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $4,459,385,000. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Down 0.1%

ABBV stock opened at $190.91 on Tuesday. The firm has a 50-day moving average price of $184.53 and a 200-day moving average price of $187.61. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The stock has a market capitalization of $337.22 billion, a P/E ratio of 79.55, a price-to-earnings-growth ratio of 1.62 and a beta of 0.50.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The firm’s revenue was up 8.4% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ABBV shares. Erste Group Bank raised AbbVie to a “strong-buy” rating in a report on Monday, March 17th. The Goldman Sachs Group reissued 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 research note on Thursday, May 8th. Bank of America increased their price target on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Finally, Evercore ISI lifted their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Eight 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.