AbbVie (ABBV) Fell in Q2 Due to Competition

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 1000 Index. With the revival of growth and technology stocks, the strategy’s underweight exposure to the sector was a headwind on the relative performance. Technology and communication services holdings of the strategy collectively performed well but did not keep pace with those in the index. It benefited from the strength of investments in the materials and consumer discretionary sectors. The strategy returned 6.04% (net) in the quarter compared to 8.58% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy highlighted stocks like AbbVie Inc. (NYSE:ABBV) in the second quarter 2023 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On September 14, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $153.64 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was 2.33%, and its shares gained 6.65% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $271.182 billion.

Diamond Hill Large Cap Strategy made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q2 2023 investor letter:

“Also among our bottom contributors were AbbVie and Truist Financial Corp. Pharmaceutical company AbbVie Inc. (NYSE:ABBV)’s stock declined in the quarter due to biosimilar competition against its largest drug, Humira. We believe management is successfully navigating biosimilars, as this has been a known generic entry for years. We still believe the company has attractive long-term prospects despite this near-term headwind.”

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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, 74 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of second quarter which was 75 in the previous quarter.

We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared Carillon Eagle Growth & Income Fund’s views on the fund. In addition, please check out our hedge fund investor letters Q2 2023 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.