Is it smart to be bullish on AbbVie Inc (NYSE:ABBV)?
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Thus, it’s important to study the newest info about AbbVie Inc (NYSE:ABBV).
What have hedge funds been doing with AbbVie Inc (NYSE:ABBV)?
Heading into Q3, a total of 41 of the hedge funds we track were bullish in this stock, a change of 5% from one quarter earlier. With hedgies’ capital changing hands, there exists a few notable hedge fund managers who were upping their stakes meaningfully.
According to our 13F database, Sean Cullinan’s Point State Capital had the most valuable position in AbbVie Inc (NYSE:ABBV), worth close to $232.3 million, comprising 4% of its total 13F portfolio. The second largest stake is held by Peter Rathjens, Bruce Clarke and John Campbell of Arrowstreet Capital, with a $199.5 million position; 1.5% of its 13F portfolio is allocated to the company. Some other hedge funds that are bullish include Phill Gross and Robert Atchinson’s Adage Capital Management, Robert Pohly’s Samlyn Capital and Samuel Isaly’s OrbiMed Advisors.
With a general bullishness amongst the titans, certain money managers were breaking ground themselves. Point State Capital, managed by Sean Cullinan, established the biggest position in AbbVie Inc (NYSE:ABBV). Point State Capital had 232.3 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $199.5 million position during the quarter. The other funds with brand new ABBV positions are Phill Gross and Robert Atchinson’s Adage Capital Management, Robert Pohly’s Samlyn Capital, and Samuel Isaly’s OrbiMed Advisors.
What have insiders been doing with AbbVie Inc (NYSE:ABBV)?
Insider buying made by high-level executives is particularly usable when the company we’re looking at has experienced transactions within the past six months. Over the latest six-month time period, AbbVie Inc (NYSE:ABBV) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
We’ll go over the relationship between both of these indicators in other stocks similar to AbbVie Inc (NYSE:ABBV). These stocks are Merck & Co., Inc. (NYSE:MRK), GlaxoSmithKline plc (ADR) (NYSE:GSK), Bristol Myers Squibb Co. (NYSE:BMY), AstraZeneca plc (ADR) (NYSE:AZN), and Eli Lilly & Co. (NYSE:LLY). This group of stocks are in the drug manufacturers – major industry and their market caps match ABBV’s market cap.