Smith Asset Management Co. LLC Invests $1.96 Million in abrdn Healthcare Investors $HQH

Key Points

• Smith Asset Management Co. LLC has made a new investment of approximately $1.96 million in abrdn Healthcare Investors, acquiring 120,719 shares, which now represents 1.8% of its total holdings.
• Several other institutional investors have also increased their stakes in abrdn Healthcare Investors, indicating growing interest as institutional ownership stands at 32.60%.
• abrdn Healthcare Investors recently announced a quarterly dividend of $0.51, with an annual yield of 12.1%, scheduled for payment at the end of September.

Smith Asset Management Co. LLC bought a new stake in shares of abrdn Healthcare Investors (NYSE:HQH - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 120,719 shares of the financial services provider's stock, valued at approximately $1,961,000. abrdn Healthcare Investors comprises approximately 1.8% of Smith Asset Management Co. LLC's investment portfolio, making the stock its 23rd biggest holding. Smith Asset Management Co. LLC owned 0.22% of abrdn Healthcare Investors at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Raymond James Financial Inc. raised its stake in shares of abrdn Healthcare Investors by 26.9% in the 1st quarter. Raymond James Financial Inc. now owns 1,189,633 shares of the financial services provider's stock valued at $19,320,000 after buying an additional 251,977 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of abrdn Healthcare Investors by 8.5% in the 1st quarter. Penserra Capital Management LLC now owns 1,008,526 shares of the financial services provider's stock valued at $16,378,000 after buying an additional 78,771 shares in the last quarter. Royal Bank of Canada raised its stake in shares of abrdn Healthcare Investors by 22.0% in the 1st quarter. Royal Bank of Canada now owns 529,826 shares of the financial services provider's stock valued at $8,604,000 after buying an additional 95,441 shares in the last quarter. LPL Financial LLC raised its stake in shares of abrdn Healthcare Investors by 24.4% in the 1st quarter. LPL Financial LLC now owns 350,961 shares of the financial services provider's stock valued at $5,700,000 after buying an additional 68,941 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of abrdn Healthcare Investors by 10.4% in the 4th quarter. Ameriprise Financial Inc. now owns 287,607 shares of the financial services provider's stock valued at $4,616,000 after buying an additional 27,043 shares in the last quarter. Institutional investors and hedge funds own 32.60% of the company's stock.

abrdn Healthcare Investors Trading Down 0.9%

Shares of HQH stock traded down $0.15 during mid-day trading on Friday, reaching $16.69. The company's stock had a trading volume of 103,418 shares, compared to its average volume of 185,767. abrdn Healthcare Investors has a 1-year low of $13.77 and a 1-year high of $19.24. The firm's 50-day moving average is $16.17 and its two-hundred day moving average is $15.91.

abrdn Healthcare Investors Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 22nd will be issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $2.04 annualized dividend and a dividend yield of 12.2%.

About abrdn Healthcare Investors

Abrdn Healthcare Investors is a closed-ended equity mutual fund launched and managed by abrdn Inc The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating in the healthcare sector, including the biotechnology, medical devices, and pharmaceuticals industries.