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- Ken Griffin Increased His Position in This Dividend King by a Whopping 546% in Q2. Here's Why It's Still a Buy.
Ken Griffin, founder of Citadel, bought 2.7 million more AbbVie (ABBV) shares in Q2, a 546% increase from the prior quarter, and added 6.7 million Abbott Laboratories (ABT) shares, up 349%; Eli Lilly (LLY) was also boosted by 291%. The author sees these moves as defensive shifts into healthcare and a search for high-yield dividend stocks amid possibly volatile markets. AbbVie has raised its dividend for 54 straight years when Abbott's years are included, and its 2.65% yield is its lowest since 2018 because the stock is up about 25% year to date. In Q2, AbbVie's adjusted earnings rose 23% and net revenue rose 10%, and 75% of analysts following the stock rate it a buy.
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