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Here’s Why AbbVie (ABBV) Rose in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. After a robust first half of the year, the S&P 500 Index declined 3.3% in the third quarter, leaving the market up 13.1% through the first nine months of 2023. On a relative basis, this year has not been good for the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like AbbVie Inc. (NYSE:ABBV) in the third quarter 2023 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On December 4, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $144.15 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was 2.09%, and its shares lost 12.07% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $254.503 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q3 2023 investor letter:

"AbbVie Inc. (NYSE:ABBV) reported strong, broad-based second-quarter performance that exceeded analysts’ expectations. The company’s raised guidance was a nice recovery after its mildly disappointing first-quarter report."

test biotech research
test biotech research

RAJ CREATIONZS / shutterstock.com

AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of third quarter which was 74 in the previous quarter.

We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the list of best drug stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.