Patten Patten Inctn Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Patten Patten Inctn reduced its stake in AbbVie Inc by 3.95% during the most recent quarter end. The investment management company now holds a total of 221,813 shares of AbbVie Inc which is valued at $13,838,913 after selling 9,124 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.AbbVie Inc makes up approximately 1.81% of Patten Patten Inctn’s portfolio.

Other Hedge Funds, Including , Centurylink Investment Management Co added ABBV to its portfolio by purchasing 4,706 company shares during the most recent quarter which is valued at $293,607. AbbVie Inc makes up approx 0.10% of Centurylink Investment Management Co’s portfolio.E&g Advisors Lp reduced its stake in ABBV by selling 300 shares or 2.73% in the most recent quarter. The Hedge Fund company now holds 10,700 shares of ABBV which is valued at $677,417. AbbVie Inc makes up approx 0.40% of E&g Advisors Lp’s portfolio.Carroll Financial Associates boosted its stake in ABBV in the latest quarter, The investment management firm added 247 additional shares and now holds a total of 4,158 shares of AbbVie Inc which is valued at $263,243. AbbVie Inc makes up approx 0.04% of Carroll Financial Associates’s portfolio.North Star Asset Management Inc reduced its stake in ABBV by selling 1,516 shares or 8.43% in the most recent quarter. The Hedge Fund company now holds 16,470 shares of ABBV which is valued at $1,044,033. AbbVie Inc makes up approx 0.12% of North Star Asset Management Inc’s portfolio.Washington Trust Bank reduced its stake in ABBV by selling 135 shares or 0.25% in the most recent quarter. The Hedge Fund company now holds 54,640 shares of ABBV which is valued at $3,463,630. AbbVie Inc makes up approx 0.83% of Washington Trust Bank’s portfolio.

AbbVie Inc closed down -0.92 points or -1.45% at $62.39 with 53,08,425 shares getting traded on Tuesday. Post opening the session at $63.08, the shares hit an intraday low of $62.05 and an intraday high of $63.26 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, AbbVie Inc reported $1.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $1.20. The company had revenue of $6452.00 million for the quarter, compared to analysts expectations of $6207.43 million. The company’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS.

Many Wall Street Analysts have commented on AbbVie Inc. AbbVie Inc was Downgraded by JP Morgan to ” Neutral” on Sep 8, 2016. Raymond James Initiated AbbVie Inc on Sep 2, 2016 to “Outperform”, Price Target of the shares are set at $82.

AbbVie Inc. (AbbVie) is a global research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company’s products are focused on treating conditions such as chronic autoimmune diseases including rheumatoid arthritis psoriasis and Crohn’s disease; hepatitis C (HCV); human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis and other health conditions such as low testosterone. AbbVie also has a pipeline of new medicines including over 30 compounds or indications in Phase II or Phase III development across a range of medical specialties such as immunology virology/liver disease oncology renal disease neurological diseases and women’s health. The Company’s product portfolio includes HUMIRA HCV products Additional Virology products Metabolics/Hormones products Endocrinology products and other products.

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