5 Best Low Beta Stocks to Buy

4. AbbVie Inc. (NYSE:ABBV)

No. of Hedge Fund Holders: 80

AbbVie Inc. (NYSE:ABBV) is a research-based global biopharmaceutical company. The company uses its expertise and unique approach to develop and market advanced therapies which address some of the serious diseases.

AbbVie Inc. (NYSE:ABBV) and HotSpot Therapeutics, Inc. have announced exclusive worldwide collaboration and option to license agreement for HotSpot’s discovery-stage IRF5 program for treatment of autoimmune diseases.

In Q3 2022, the company saw healthy momentum in its key immunology assets, Skyrizi and Rinvoq. This strong performance and strength from other growth enablers within its diverse portfolio mitigated impact of temporary economic headwinds on the company’s aesthetics products. It has delivered Q3 2022 net revenues of $14.812 billion, exhibiting 3.3% growth year-over-year on reported basis.

AbbVie Inc. (NYSE:ABBV) confirms midpoint of its FY 2022 adjusted diluted EPS guidance range and has narrowed the range from $13.76 – $13.96 to $13.84 – $13.88. It has declared dividend increase of 5.0% year-over-year.

Credit Suisse Group started coverage on AbbVie Inc. (NYSE:ABBV) on November 17. The group has issued an “Outperform” rating and has set $170.00 as target price on the stock.

As per Insider Monkey’s database, 80 hedge funds remained bullish on AbbVie Inc. (NYSE:ABBV) at the end of Q3 2022.

Here is what Baron Funds, an investment management company, said about AbbVie Inc. (NYSE:ABBV) in its third-quarter 2022 investor letter:

 “AbbVie Inc. (NYSE:ABBV) is a drug developer best known for Humira, an immunosuppressant that is the best-selling drug of all time. Given outsized key product risk (patent cliff and generic launches beginning in 2023), AbbVie has broadened its pipeline, highlighted by its Allergan acquisition. Shares fell on results that missed consensus and indications that legacy franchises were outperforming newer product launches, calling into question AbbVie’s long-term strategy. With promising assets in the pipeline and its robust cash flow profile, we believe AbbVie will grow well into the future.”