Ken Griffin's Citadel Invests Heavily in AbbVie Amid Market Uncertainty
Billionaire Ken Griffin’s hedge fund, Citadel, significantly increased its stake in AbbVie during the second quarter by over 500%, according to a recent 13F filing. This move has drawn attention as investors look for defensive plays amid rising geopolitical tensions and economic uncertainty. AbbVie is considered a resilient healthcare stock with a strong dividend history, currently offering a yield of 2.6%. The company maintains its position among the Dividend Kings by increasing dividends annually since its spinoff from Abbott. AbbVie has also demonstrated business resilience despite patent expirations for key drugs like Botox and Humira, offsetting these challenges with new products such as Skyrizi and Rinvoq. Additionally, AbbVie's acquisition of Apogee has strengthened its pipeline in dermatology and immunological treatments. Although the stock is trading at a premium compared to historical averages, 25 out of 31 Wall Street analysts still rate it a 'buy,' with an average price target above current levels.
Topics: 13F filings AbbVie (ABBV) Citadel dividend stocks Ken Griffin