Yahoo Finance What Makes AbbVie (ABBV) Stock Attractive?
Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased by 9.08% (Institutional Shares) compared to an 11.54% gain for the Russell 3000 Health Care Index and a 7.56% gain for the S&P 500 Index. The fund fell 16.90% in 2022, compared to a 6.10% decline for the Russell 3000 Health Care Index and an 18.11% decline for the S&P 500 Index. Factors like cash exposure in the up-market, adverse stock selection, and differences in sub-industry exposures led the fund to underperform in the quarter relative to its benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like AbbVie Inc. (NYSE:ABBV) in the Q4 2022 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On January 27, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $146.28 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was -9.49%, and its shares gained 6.86% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $258.693 billion.
Baron Funds made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q4 2022 investor letter:
"AbbVie Inc. (NYSE:ABBV) develops inflammatory, oncology, and aesthetic drugs. Shares rose primarily due to the rotation into large-cap pharmaceutical stocks trading at low valuations. Investors continue to be focused on the rate of erosion of the Humira franchise upon patent expiration in 2023, which we think is less important over the long term than the growth of novel franchises like Rinvoq and Skyrizi. We retain conviction given AbbVie’s low valuation and growth opportunities."
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AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of the third quarter, which was 71 in the previous quarter.
We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the list of cheap blue chip stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
