Mechanics Financial Corp Has $1.76 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Mechanics Financial Corp raised its stake in AbbVie Inc. (NYSE:ABBV) by 0.9% in the 1st quarter, HoldingsChannel reports. The fund owned 8,375 shares of the company’s stock after buying an additional 77 shares during the quarter. AbbVie accounts for about 0.8% of Mechanics Financial Corp’s holdings, making the stock its 25th biggest holding. Mechanics Financial Corp’s holdings in AbbVie were worth $1,755,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EnRich Financial Partners LLC boosted its stake in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the last quarter. Abound Financial LLC bought a new position in shares of AbbVie in the 1st quarter valued at about $30,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie in the 4th quarter valued at about $32,000. Siemens Fonds Invest GmbH boosted its stake in shares of AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. bought a new position in shares of AbbVie in the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective on the stock. Finally, Evercore ISI lifted their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Price Performance

NYSE ABBV opened at $186.56 on Wednesday. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a market capitalization of $329.53 billion, a PE ratio of 79.39, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48. The firm’s 50 day moving average is $186.90 and its 200-day moving average is $189.19.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.31 earnings per share. Equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.52%. AbbVie’s payout ratio is 279.15%.

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.