Is AbbVie Inc (ABBV) A Good Stock To Buy?

Due to the fact that AbbVie Inc (NYSE:ABBV) has faced falling interest from the smart money, it’s safe to say that there is a sect of fund managers that elected to cut their entire stakes last quarter. Intriguingly, Benjamin A. Smith’s Laurion Capital Management dumped the largest position of all the hedgies followed by Insider Monkey, comprising an estimated $49.5 million in call options., and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund said goodbye to about $21.3 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to AbbVie Inc (NYSE:ABBV). We will take a look at Schlumberger Limited. (NYSE:SLB), Nippon Telegraph & Telephone Corp (ADR) (NYSE:NTT), Mastercard Inc (NYSE:MA), and United Parcel Service, Inc. (NYSE:UPS). This group of stocks’ market valuations resemble ABBV’s market valuation.

As you can see these stocks had an average of 48 funds holding long positions and the average amount invested in these stocks was $2.69 billion. That figure was $4.17 billion in AbbVie’s case. Mastercard Inc (NYSE:MA) is the most popular stock in this table. On the other hand Nippon Telegraph & Telephone Corp (ADR) (NYSE:NTT) is the least popular one with only 10 bullish hedge fund positions. AbbVie Inc (NYSE:ABBV) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Mastercard Inc (NYSE:MA) might be a better candidate to consider a long position.