Mechanics Bank Trust Department Acquires 1,465 Shares of AbbVie Inc. (NYSE:ABBV)

Mechanics Bank Trust Department lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 14.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 11,496 shares of the company’s stock after buying an additional 1,465 shares during the quarter. Mechanics Bank Trust Department’s holdings in AbbVie were worth $1,972,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie in the 4th quarter valued at approximately $26,000. IFS Advisors LLC acquired a new position in AbbVie during the first quarter worth $36,000. Redmont Wealth Advisors LLC bought a new position in AbbVie in the first quarter valued at $37,000. Able Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at $33,000. Finally, Valued Wealth Advisors LLC boosted its stake in shares of AbbVie by 111.1% during the 1st quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock worth $42,000 after buying an additional 120 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial reiterated a “buy” rating and set a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Piper Sandler reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Tuesday, July 2nd. Wells Fargo & Company increased their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. BMO Capital Markets upped their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Finally, Morgan Stanley upped their price objective on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $188.71.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $0.47 during trading on Friday, reaching $189.93. 3,206,539 shares of the company traded hands, compared to its average volume of 5,580,519. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $193.91. The firm has a market capitalization of $335.39 billion, a PE ratio of 56.36, a PEG ratio of 2.49 and a beta of 0.64. The company’s 50 day moving average is $173.34 and its two-hundred day moving average is $171.27.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $2.91 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.26%. AbbVie’s dividend payout ratio is currently 183.98%.

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.