Billionaire Steven Cohen’s New High Dividend Stock Picks

Moving on, Point 72 Asset Management bought more than 3.8 million shares of offshore driller Noble Corp plc (NYSE:NE) during the April-June period, worth $59.5 million as of June 30. Interestingly, the fund had sold off its entire holding of over 3.5 million shares of the company in the first quarter of the year, which it had bought in the last quarter of 2014. Shares of  Noble Corp plc (NYSE:NE) were trading flat for the year in May, but owing majorly to the 27% decline they suffered in the third quarter, now trade down by 29% year-to-date. At their current market price of $12.21 and with a quarterly dividend of $0.38 per share, Noble Corp plc (NYSE:NE) shares boast a spectacular dividend yield of 12.38%. However, regardless of the dividend yield, experts generally don’t have a favorable outlook on Noble Corp and the offshore drilling industry as a whole, largely due to the declining demand for floaters. Analysts expect the company to report EPS of $0.52 when it declares results for the third quarter on October 29, considerably below the EPS of $0.59 that it reported for the same quarter last year. With ownership of 3.7 million shares, Ryan Heslop and Ariel Warszawski‘s Firefly Value Partners was the largest shareholder of the company at the end of second quarter among the hedge funds we track.

Finally, luxury lifestyle retailer Coach Inc (NYSE:COH) was another dividend stock that Point 72 Asset Management added to its portfolio during the second quarter. The fund bought 2.59 million shares of the company, valued at over $89.5 million as of June 30. After rising up by more than 10% during the first quarter, shares of Coach Inc (NYSE:COH) suffered a major decline during the second and third quarters and currently trade down by 23.11% for the year. The $0.34 per share quarterly dividend that the company currently pays translates into an annual dividend yield of 4.64%. In the last couple of years Coach Inc (NYSE:COH) has been facing increasing pressure from ‘affordable luxury’ retailers, which led it to close 20% of its stores in North America in the past two fiscal years. However, the company is expecting better days ahead as it projects growth in its revenues beginning in fiscal year 2016. Analysts at Wolfe Research initiated coverage on the stock with a ‘Peer Perform’ rating and $32 price target on October 14, exactly a week after analysts at Citigroup Inc. had initiated coverage on the stock with a ‘Neutral’ rating and $31 price target. Like Point 72, Clint Carlson‘s Carlson Capital also initiated a stake in Coach Inc during the second quarter; at the end of June, it held 850,000 shares of the company.

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