Ken Griffin Increased His Position in This Dividend King by a Whopping 546% in Q2. Here's Why It's Still a Buy.
Key PointsKen Griffin, CEO of Citadel, made major investments in pharma stocks last quarter.
During the second quarter, Citadel's CEO Ken Griffin significantly boosted his investments in two high-yield dividend stocks, AbbVie and Abbott Laboratories. Griffin's purchases constituted 546% and 349% increases, respectively, from the previous quarters. Additionally, he increased his stake in Eli Lilly by 291%. These moves suggest that Griffin is focusing on defensive investments within the healthcare sector, which typically performs well during market downturns.
Healthcare stocks offer stability and provide steady income through high-yield dividends. Notably, AbbVie is a Dividend King, boasting over 54 years of consecutive dividend increases. Its dividend yield is currently 2.65%, higher than average but lower than its previous levels due to a 25% year-to-date price increase. With strong earnings growth and an attractive valuation, AbbVie is currently a strong buy.
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