Investors are Buying These 5 Stocks as New Survey Shows “Dire” Pessimism

2. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 76

AbbVie Inc. (NYSE:ABBV) is an American biopharmaceutical company. As healthcare remains one of the sectors that investors pour into despite economic uncertainty, AbbVie Inc. (NYSE:ABBV) is a prominent stock to consider. The company also has a solid history of increasing dividends annually, and it features on the S&P 500 Dividend Aristocrats list. AbbVie Inc. (NYSE:ABBV) declared on June 23 a $1.41 per share quarterly dividend, in line with previous. The dividend is payable on August 15, to shareholders of record as of July 15. On August 8, AbbVie Inc. (NYSE:ABBV) delivered a dividend yield of 4.02%. 

JPMorgan analyst Chris Schott sees the post-earnings selloff in AbbVie Inc. (NYSE:ABBV) as an opportunity to strengthen positions. The analyst views AbbVie Inc. (NYSE:ABBV)’s focus shifting from Humira erosion to its primary longer-term growth drivers over the coming 6 to 9 months. The soft earnings mainly reflect a lack of additional clarity on Humira’s erosion curve in 2023 and 2024, the analyst told investors. However, AbbVie Inc. (NYSE:ABBV) remains one of his favorite names in the sector, and he maintained an Overweight rating and a $180 price target on the stock.

According to Insider Monkey’s data, 76 hedge funds were bullish on AbbVie Inc. (NYSE:ABBV) at the conclusion of Q1 2022, compared to 82 funds in the last quarter. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is the leading stakeholder of the company, with 4.65 million shares worth more than $754 million. 

Here is what Carillon Clarivest Capital Appreciation Fund has to say about AbbVie Inc. (NYSE:ABBV) in its Q1 2022 investor letter:

“Stock selection contributed the most while sector allocation was also positive. An underweight to communication services and an overweight to energy helped performance, while an underweight to consumer staples and an overweight to materials detracted. Stock selection was strong within healthcare and materials but was weak within information technology and industrials. AbbVie (NYSE:ABBV) is a research-based biopharmaceutical company. Shares gained after the company reported earnings that missed revenue but beat earnings-per-share estimates. Discussion around the report was mixed but skewed positive.”