Millennium Management Makes Billion-Dollar Investments in These 2 Consumer Stocks, Plus Big Moves in Merck, CMS, More

According to the most recent 13F data, Millennium showed some love to Merck & Co. (NYSE:MRK), increasing its position by 121% in the third quarter to 5.44 million shares at the end of September. Shares of the medical giant sold off hard on Wednesday morning on the back of President-elect Donald Trump’s comments that he will cut drug costs. Merck shares have since recovered as some bulls believe Trump’s tax/regulation cuts could offset much of the negatives of Trump’s policies. 84 top funds had a bullish position in Merck & Co., Inc. (NYSE:MRK) as of the most recent 13-F reporting period, up 18 funds from the previous quarter.

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Millennium raised its stake in CMS Energy Corporation (NYSE:CMS) by 86%, or 3.44 million shares to 7.44 million shares at the end of Q3. The company recently raised its FY2016 adjusted EPS outlook to $2.02 from the previous $2-$2.02. Shares of the stock are up 16% year-to-date and pay a rather attractive 3.06% dividend yield at current prices. 19 top funds owned shares of CMS Energy Corporation (NYSE:CMS) at the end of September, up 1 fund from the previous quarter.

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Millennium channeled its inner energy bull by buying 3.17 million shares of Devon Energy Corp (NYSE:DVN) in Q3, giving it a total of slightly over 7 million shares in the leading oil and gas E&P.  Like many other energy stocks, Devon has had a fantastic year, rising over 50% year-to-date on the back of higher crude prices. With OPEC now having ironed out the specifics of its cut, many traders think that the floor for WTI is in place around $40 per barrel (at least for now) and the upside could be OPEC’s target of $55-$60 per barrel minus the typical $3 WTI discount. If WTI trends higher, Devon could follow suit. 50 top funds were long Devon Energy Corp (NYSE:DVN) as of the most recent 13-F reporting period, down 11 funds from the previous quarter.

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DISCLOSURE – NONE