In this article, we’re going to take a look at 5 stocks billionaire Steve Cohen just bought and sold. For a more detailed analysis about Steve Cohen’s hedge fund Point72 Asset Management and a more detailed list of picks, take a look at 12 stocks billionaire Steve Cohen just bought and sold.
5. Southern Co (NYSE:SO)
Value of Position: $146.31 million
Bought or Sold: Sold
In Southern Co (NYSE:SO), billionaire Steve Cohen’s Point72 Asset Management liquidated the position that had previously been reported at 2.26 million shares. Southern Co (NYSE:SO) is a electricity and gas utility company that operates in the Southern part of the United States. For the last quarter, Southern Co (NYSE:SO) reported revenue of $6.98 billion and EPS of $1.42, versus the consensus estimate of $8.38 billion and $1.32, respectively. The company pays a dividend of $0.70 per share and has been growing for more than two decades, making it to our list of 5 high yield stocks to buy in November.
There were 35 funds in our database bullish on Southern Co (NYSE:SO) at the end of September, up by three over the quarter.
4. DTE Energy Co (NYSE:DTE)
Value of Position: $150.45 million
Bought or Sold: Sold
DTE Energy Co (NYSE:DTE) is another utility company in which Point72 sold out its position during the third quarter. In the previous 13F filing, the fund disclosed ownership of 1.51 million shares. For the last quarter, DTE Energy Co (NYSE:DTE) reported lower-than-expected results with EPS of $1.44 missing the consensus by $0.20 and the revenue of $2.89 billion was $2.48 billion lower than anticipated.
At the end of September, 27 hedge funds held shares of DTE Energy Co (NYSE:DTE). And even though the number of bullish investors remained unchanged over the quarter, the aggregate value of their holdings slid to $254.69 million from $613.58 million.
3. Western Digital Corp (NASDAQ:WDC)
Value of Position: $151.93 million
Bought or Sold: Bought
In the list of 5 stocks billionaire Steve Cohen just bought and sold Western Digital Corp (NASDAQ:WDC) is the only company added to Point72’s equity portfolio. At the end of September, the fund held 3.33 million shares. Overall the number of investors bullish on Western Digital Corp (NASDAQ:WDC) inched up by five to 44. Western Digital Corp (NASDAQ:WDC) is engaged in manufacturing of data storage solutions including devices, data center systems and cloud storage services.
In November, Goldman Sachs upgraded its rating on Western Digital Corp (NASDAQ:WDC)’s stock to “Neutral” from “Sell” and raised the price target to $48 from $31, citing improved outlook for NAND flash memory and the potential recovery in Nearline HDD segment.
2. Dominion Energy Inc (NYSE:D)
Value of Position: $160.13 million
Bought or Sold: Sold
Dominion Energy Inc (NYSE:D) was also removed from Steve Cohen’s fund’s equity portfolio during the third quarter, the fund having previously reported ownership of 3.58 million shares. For the last quarter, Dominion Energy Inc (NYSE:D) reported EPS of $0.77, in-line with expectations, but its revenue of $3.81 billion came in lower than expected.
At the end of September, there were 26 funds in our database that held in aggregate $362.03 million worth of Dominion Energy Inc (NYSE:D) shares. Among these funds, Stuart J. Zimmer’s Zimmer Partners and Ric Dillon’ Diamond Hill Capital are the top shareholders with positions valued at $238.95 million and $178.18 million, respectively.
1. Palo Alto Networks Inc (NASDAQ:PANW)
Value of Position: $169.82 million
Bought or Sold: Sold
After having held 724,400 shares of Palo Alto Networks Inc (NASDAQ:PANW) at the end of the second quarter, Point72 Asset Management closed the position during the July-September period. On the other hand, there were 79 funds tracked by Insider Monkey that held shares of Palo Alto Networks Inc (NASDAQ:PANW) at the end of the third quarter, down by four over the quarter.
Palo Alto Networks Inc (NASDAQ:PANW) is a multinational cyber security company headquartered in California. The company serves over 70,000 businesses around the world, including most companies on the Fortune 100 list. It is also one of the best-performing S&P 500 stocks in the last 10 years. In its latest earnings report, Palo Alto Networks Inc (NASDAQ:PANW) reported EPS of $1.38 higher than the consensus estimate of $1.16 and its revenue of $1.88 billion beat the expectations b $35.6 million.
