Mechanics Financial Corp Purchases 65 Shares of AbbVie Inc. $ABBV

Mechanics Financial Corp raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,440 shares of the company’s stock after acquiring an additional 65 shares during the quarter. Mechanics Financial Corp’s holdings in AbbVie were worth $1,567,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ABBV. Brighton Jones LLC grew its holdings in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Apella Capital LLC grew its holdings in shares of AbbVie by 9.4% in the 1st quarter. Apella Capital LLC now owns 8,827 shares of the company’s stock worth $1,849,000 after purchasing an additional 756 shares during the last quarter. Matrix Trust Co grew its holdings in shares of AbbVie by 0.6% in the 1st quarter. Matrix Trust Co now owns 13,923 shares of the company’s stock worth $2,917,000 after purchasing an additional 84 shares during the last quarter. Finally, Warren Street Wealth Advisors LLC grew its holdings in shares of AbbVie by 15.4% in the 1st quarter. Warren Street Wealth Advisors LLC now owns 3,513 shares of the company’s stock worth $736,000 after purchasing an additional 469 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABBV. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. JPMorgan Chase & Co. increased their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Morgan Stanley increased their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Cantor Fitzgerald increased their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Finally, Evercore ISI increased their price objective on shares of AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $223.52.

AbbVie Stock Performance

AbbVie stock opened at $236.98 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The company has a market cap of $418.63 billion, a PE ratio of 112.85, a PEG ratio of 1.43 and a beta of 0.51. The company’s 50-day moving average is $209.90 and its two-hundred day moving average is $195.87.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio is presently 312.38%.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.