Mesirow Financial Investment Management Inc. Sells 9,276 Shares of AbbVie Inc. (NYSE:ABBV)

Key Points

• Mesirow Financial Investment Management Inc. reduced its holdings in AbbVie Inc. by 5.5%, selling 9,276 shares, and now owns 160,196 shares valued at approximately $33.56 million.
• AbbVie announced a quarterly dividend of $1.64 per share, representing an annualized dividend yield of 3.43%, with a high dividend payout ratio of 279.15%.
• Research reports show that analysts have set a target price for AbbVie stock at around $205.00, with a consensus rating of "Moderate Buy" among investment analysts.

Mesirow Financial Investment Management Inc. trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 160,196 shares of the company's stock after selling 9,276 shares during the period. Mesirow Financial Investment Management Inc.'s holdings in AbbVie were worth $33,564,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC raised its position in AbbVie by 72.7% during 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. Wellington Management Group LLP grew its holdings in AbbVie by 42.7% during the 4th quarter. Wellington Management Group LLP now owns 2,236,648 shares of the company's stock worth $397,452,000 after acquiring an additional 669,493 shares during the period. Edmond DE Rothschild Holding S.A. grew its stake in shares of AbbVie by 0.6% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 26,662 shares of the company's stock valued at $4,738,000 after buying an additional 167 shares during the period. Finally, National Bank of Canada FI boosted its stake in AbbVie by 15.0% during the 4th quarter. National Bank of Canada FI now owns 1,431,817 shares of the company's stock valued at $254,394,000 after purchasing an additional 187,271 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 3.3%

Shares of NYSE:ABBV traded up $6.15 during trading on Friday, reaching $195.17. 8,081,230 shares of the stock traded hands, compared to its average volume of 6,877,075. The stock has a 50-day moving average of $188.10 and a two-hundred day moving average of $190.04. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The stock has a market cap of $344.75 billion, a P/E ratio of 83.05, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 EPS. The company's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, July 15th. AbbVie's payout ratio is currently 279.15%.

Analyst Ratings Changes

Several research firms have commented on ABBV. Bank of America lifted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Cantor Fitzgerald assumed coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. BNP Paribas raised shares of AbbVie to a "hold" rating in a report on Thursday, May 8th. Finally, Raymond James Financial lifted their price target on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a report on Friday. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $212.81.

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.