5 Best Fast Money Stocks To Buy According To Hedge Funds

In this article, we will discuss the 5 best Fast Money stocks to buy now according to hedge funds. If you want to explore similar stocks, you can go to 11 Best Fast Money Stocks To Buy According To Hedge Funds.

5. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 73

This April, Morgan Stanley analyst Terence Flynn raised his price target on AbbVie Inc. (NYSE:ABBV) to $181 from $178 and maintained an Overweight rating on the shares.

Steve Grasso named AbbVie Inc. (NYSE:ABBV) as one of his final trades this April and said that he likes “the chart” of the company. Steve Grasso is a notable Fast Money trader and is the CEO of Grasso Global Inc. As of April 12, AbbVie Inc. (NYSE:ABBV) has gained 13.60% over the past 6 months and is offering a forward dividend yield of 3.66%.

At the close of the fourth quarter of 2022, 73 hedge funds were eager on AbbVie Inc. (NYSE:ABBV) and disclosed collective stakes worth $1.52 billion in the company. Of those, AQR Capital Management was the largest stockholder and held a position worth $228 million. AbbVie Inc. (NYSE:ABBV) is placed fifth on our list of the best Fast Money stocks to buy now according to hedge funds.

Here is what Alger Capital had to say about AbbVie Inc. (NYSE:ABBV) in its fourth-quarter 2022 investor letter:

“AbbVie Inc. (NYSE:ABBV) is a global biopharmaceutical company that develops and markets drugs in areas such as immunology. virology and oncology. Recently, the company expanded through the acquisition of Allergan, which added robust growth assets to help offset the loss of U.S. patent protection for Humira, a leading treatment used for rheumatology, dermatology. gastroenterology, and ophthalmology. While AbbVie reported weak third quarter revenues across the board, the U.S. Food and Drug Administration (FDA) approved Vraylar (an antipsychotic treatment) in December. Despite concerns around Humira’s loss of patent protection, we believe AbbVie has significantly diversified its revenue and that its launch of Rinvog for psoriatic arthritis and atopic dermatitis could be promising.”