Facebook (FB), General Motors Company (GM), EMC Corporation (EMC): Stay Away from Billionaire Steve Cohen’s Large Cap Stock Picks

EMC Corporation (NYSE:EMC) was another large-cap pick Steve Cohen was betting on big last quarter, holding 4.97 million shares, valued at around $147 million. Point72 Asset Management initiated a new position in the company during the October-December period, which now accounts for 1.03% of its equity portfolio. Over the past 52 weeks, EMC Corporation (NYSE:EMC)’s share price has climbed a meager 3.12%, yet hedge funds are still betting on this stock. Paul Singer’s Elliot Management held it as one of its top picks last quarter, with a stake of 33.5 million shares. David Einhorn’s Greenlight Capital and John A. Levin’s Levin Capital Strategies, held 8.03 million shares and 7.70 million shares, respectively.

Steve Cohen also initiated a stake in LinkedIn Corp (NYSE:LNKD) with the purchase of 612,600 shares last quarter. The holding is worth around $140 million and represents just a little under 1% of the hedge fund’s equity portfolio. In addition to Point72, several other investment firms held large positions in LinkedIn Corp (NYSE:LNKD), including David E. Shaw’s D.E. Shaw & Co., LP, which owns 633,800 shares. Ken Griffin’s Citadel Investment Group increased its stake in the company by 166% last quarter and now holds 508,200 shares.

Finally, Valero Energy Corporation (NYSE:VLO) was also among Steve Cohen’s top large-cap picks last quarter, after the hedge fund increased its exposure to the stock by 770%. Point72 Asset Management’s stake in the company amounts to 1.21 million shares and was valued at around $127 million at the time of the filing. Cliff Asness’ AQR Capital Management was also betting on Valero Energy Corporation (NYSE:VLO) with a position of 4.89 million shares. Israel Englander’s Millennium Management increased its exposure to the stock by 65% last quarter, disclosing ownership of 3.84 million shares.

Disclosure: none.