Top 5 Stock Picks of Kenneth A. Moffet’s Hourglass Capital

1. AbbVie Inc. (NYSE:ABBV)

Hourglass Capital Stake Value: $11,749,000
Percentage of Hourglass Capital’s 13F Portfolio: 3.93%
Number of Hedge Fund Holders: 81

AbbVie Inc. (NYSE:ABBV) is a pharmaceutical company that develops and manufactures a variety of drugs to treat severe and chronic illnesses. On February 4, Mizuho analyst Vamil Divan raised his price target on AbbVie Inc. (NYSE:ABBV) to $166 from $154 and maintained a Buy rating on the shares.

Hourglass Capital first bought a stake in AbbVie Inc. (NYSE:ABBV) in the fourth quarter of 2015. In Q4 2021, the hedge fund holds 86,776 AbbVie Inc. (NYSE:ABBV) shares worth over $11.75 million. This represents 3.93% of its portfolio. The hedge fund’s stake in AbbVie Inc. (NYSE:ABBV) stock decreased by 20% in the fourth quarter of 2021.

As of the end of the third quarter, 81 hedge funds in Insider Monkey’s database held stakes in AbbVie Inc. (NYSE:ABBV), a decrease as compared to 82 funds in the preceding quarter.

In its third-quarter 2021 investor letter, Miller Howard Investments mentioned AbbVie Inc. (NYSE:ABBV). Here is what the fund said:

“While optimistic about a recovery, we continue to balance our cyclical holdings with dividend-payers in stable, less economically-sensitive industries. We hold three pharmaceutical companies, (which includes) AbbVie (ABBV). All three have strong cash flows and balance sheets, making their high dividends reasonably safe. The investment controversy surrounding these pharma companies is whether they can develop or acquire new products to replace their current blockbuster drugs. The low valuations on these stocks reflects what we believe to be undue pessimism by investors on the prospects for new drugs.”

You can also take a peek at 10 Biotech Stocks to Buy According to Matthew Strobeck’s Birchview Capital and Top 10 Stock Picks of Christopher Lyle’s SCGE Management

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