Billionaire Ken Griffin Is Buying This Dividend King That Wall Street Still Rates a Buy

Ken Griffin's Citadel Advisors has significantly increased its stake in pharmaceutical company AbbVie, purchasing 2.7 million shares in Q2 for $633 million. Despite the stock's 24% year-to-date run-up and high valuation at 74x trailing earnings, AbbVie remains attractive as a Dividend King with 50 consecutive years of dividend increases. The company boasts blockbuster drugs like Skyrizi and Humira, plus a robust pipeline of 90 treatments in development. Recent FDA approval of Juvmo for Parkinson's disease and analyst bullishness support the investment thesis.