Billionaire Ken Griffin Increased His Position in This Dividend King by 547%
Ken Griffin sees a bargain in Abbvie and increased his fund's position by buying 2.68 million shares of the healthcare giant.
Overview
Billionaire hedge fund manager Ken Griffin was in the news after he scooped up most of the public stock portfolio formerly held by Situational Awareness late last month. In what was otherwise a bad month for hedge funds, Griffin's Citadel fund rose 14% in July.
He's known for buying stocks at lower valuations and watching those investments pay off. One of those plays this year was his purchase of an additional 2.68 million shares of healthcare giant AbbVie (NYSE: ABBV). The move increased his hedge fund's exposure to the stock by 547%.
Details
He's owned stock in the company since 2013, and his most recent purchase is already paying off. AbbVie is trading at about $260 per share, while Citadel spent an average of $214.90 per share in its most recent AbbVie buy. Here are three reasons Griffin's move makes sense for the everyday investor as well:
Source
Originally published at www.fool.com.