Billionaire Ken Griffin More Than Doubled His Stake In This Market-Beating Growth Stock
"Billionaire" and "successful hedge fund manager" are titles that carry significant weight on Wall Street. These and others apply to Ken Griffin, CEO and founder of Citadel. It's no surprise that investors and analysts carefully scrutinize the hedge fund's every move, of which there were several noteworthy during the fourth quarter.One of them had to do with Citadel's position in the pharmaceutical giant Eli Lilly (NYSE: LLY). Ken Griffin and his team increased their stake in this leading drugmaker by 184%. Should investors follow Griffin's lead and buy (more) shares of Eli Lilly?Griffin and his team might have picked a good time to purchase more shares of Eli Lilly. Though it performed well in the first half of 2024, as it had been doing since the decade started (and before), Eli Lilly lost some momentum during the second half of the year. While still strong, its financial results were not quite as impressive as the market hoped. And when richly valued growth stocks fail to meet Wall Street's expectations, the result is usually a dip in its share price.Continue reading
"Billionaire" and "successful hedge fund manager" are titles that carry significant weight on Wall Street. These and others apply to Ken Griffin, CEO and founder of Citadel. It's no surprise that investors and analysts carefully scrutinize the hedge fund's every move, of which there were several noteworthy during the fourth quarter.
One of them had to do with Citadel's position in the pharmaceutical giant Eli Lilly (NYSE: LLY). Ken Griffin and his team increased their stake in this leading drugmaker by 184%. Should investors follow Griffin's lead and buy (more) shares of Eli Lilly?
Griffin and his team might have picked a good time to purchase more shares of Eli Lilly. Though it performed well in the first half of 2024, as it had been doing since the decade started (and before), Eli Lilly lost some momentum during the second half of the year. While still strong, its financial results were not quite as impressive as the market hoped. And when richly valued growth stocks fail to meet Wall Street's expectations, the result is usually a dip in its share price.
