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3. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund holders: 71

AbbVie Inc. (NYSE:ABBV) is an American Pharmaceutical company with products stretching across eye care, virology, gastroenterology, immunology, neuroscience, and oncology. In Q2 2022, out of the 71 hedge funds holding positions in the company, the largest stake was held by Arrowstreet Capital with 4.271 million shares of AbbVie Inc. (NYSE:ABBV), valued at $654.148 million.

AbbVie Inc. (NYSE:ABBV) continues to be one of JPMorgan analyst Chris Schott’s favorite large-cap ideas. On September 21, the analyst maintained an Overweight rating on the company shares with a $180 price target and sees a strong case for multiple expansion.

Here is what ClearBridge Investments said about AbbVie Inc. (NYSE:ABBV) in its Q2 2022 letter:

“We added to our health care exposure in the quarter with the purchases of Straumann Holding (OTCPK:SAUHF), a Swiss manufacturer of medical instruments, implants and related supplies for dental procedures, in the secular bucket and U.S. pharmaceutical maker AbbVie Inc. (NYSE:ABBV) in the structural bucket. Straumann is the global market leader in dental implants with 29% overall share, a meaningful position within premium implants and smaller share in value implants. The company is also involved in clear aligners through a series of acquisitions as well as peripheral capital equipment around those businesses.

Growth will come from increasing share in both value implants and clear aligners through expansion in emerging markets on top of market growth in its premium implant business. AbbVie is undergoing a transition in anticipation of loss of exclusivity for its blockbuster Humira in the next several years with several commercial therapeutics, led by Skyrizi for psoriasis and Rinvoq for rheumatoid arthritis.”