Billionaire Ken Griffin Just Loaded Up on This Dividend King, and Wall Street Still Sees Upside
Citadel, Ken Griffin's hedge fund, materially increased its stake in AbbVie; here's why you may want to follow that lead.
Overview
Wall Street likes to keep tabs on investors with strong track records, such as Ken Griffin, the founder of the hedge fund Citadel. The goal is to find clues that could help guide your own investment approach, with the legally required 13F filing a key source of information. The most recent 13F from Griffin's Citadel shows that he made a big, second-quarter investment in AbbVie (NYSE: ABBV), increasing his stake by over 500%. Here are some ideas on why he did that and why you might want to follow his lead.
The stock market is near all-time highs despite multiple geopolitical conflicts, high inflation, and elevated leverage. These "tectonic plates" could collide and cause material market disruptions, according to JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon. Healthcare has traditionally been a resilient industry, since healthcare isn't optional. So the first notable fact about Citadel's AbbVie buy is that it is a defensive stock.
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Originally published at www.fool.com.