Billionaire Ken Griffin Increased His Stake in This Dividend King by 547% in Q2. Wall Street Thinks It's Still a Buy.
His AbbVie purchase was a big move into a high-yielding dividend stock.
Overview
Billionaire hedge fund manager Ken Griffin, founder and CEO of Citadel, made a big move last quarter into one of the best dividend stocks on the market: AbbVie (NYSE: ABBV).
Griffin added 2.7 million shares of the pharmaceutical company, boosting his hedge fund's stake in AbbVie by some 547%. Citadel now owns 3.2 million shares of AbbVie worth a total of about $798 million. That stake makes up about 0.46% of its total portfolio.
Details
AbbVie is a tremendous income investment. The company has increased its annual payouts for 54 straight years -- if one includes its time as a part of Abbott Labs, from which it was spun off in 2012. That track record earns it a place in the exclusive group of Dividend Kings -- companies that have raised their payouts for at least 50 straight years.
Source
Originally published at www.fool.com.