Billionaire Steve Cohen’s Big New Bets On Netflix (NFLX), ConocoPhillips (COP) Plus Other Top Holdings

Trims Exposure To Zoetis

Steven Cohen decided to reduce his fund’s exposure to Zoetis Inc (NYSE:ZTS) amid a hefty 20% drop in the stock price during the first six weeks of the year. According to its latest 13F filing, the fund now holds 3.94 million shares of the animal medicines company, worth roughly $174 million. Although it reported an $1.85 billion stake in Zoetis Inc (NYSE:ZTS) at the end of the quarter, which amounted to 41.8 million shares, Bill Ackman‘s Pershing Square later issued a filing that revealed the sale of 16.85 million shares. The fund now holds 24.97 million shares which account for 5.0% of the company’s outstanding stock. In a letter to investors, Ackman said that they remain to be pleased with Zoetis’ management and unloaded shares for portfolio management reasons. Pershing Square first reported the stake in November 2014 and at the time of the new filing, Zoetis Inc (NYSE:ZTS) shares were up by approximately 16%. The stock is currently trading at a trailing P/E multiple of 62 and its forward P/E of 21 suggests that investors expect the company to significantly increase its earnings over the next 18 months.

As Netflix, Inc. (NASDAQ:NFLX)’s shares tumbled by more than 30% between December and February, Point72 Asset Management used the opportunity to buy the stock on a dip and loaded itself up with roughly 1.82 million shares. The positions carried an estimated value of $186 million at the end of March and was the largest new stake established during the first quarter. Billionaire Chase Coleman is also keeping tabs, as his bet on Netflix, Inc. (NASDAQ:NFLX) accounts for 27% of Tiger Global Management’s equity portfolio. At the end of the first quarter, the fund held roughly 18 million shares valued at $1.84 billion. Netflix’s first quarter results were largely better than expected, as the digital video company posted earnings of $0.06 per share on the back of $1.96 billion in revenue, up by nearly 25% year-over-year. Analysts, in turn, were looking for $1.97 billion in revenue and earnings of $0.03 per share. Netflix, Inc. (NASDAQ:NFLX) reached a membership of 81 million subscribers, as it added 23 million in the US and 4.51 million internationally.