Tesla Motors (TSLA), Wal-Mart Stores (WMT), Medtronic PLC (MDT): Billionaire Jim Simons’ RenTech Sold Off These Large Positions

Renaissance Technologies is no longer betting on Medtronic PLC (NYSE:MDT), after it disclosed the sale of 2.2 million shares in its last 13F filing. The hedge fund boasted a position in the company for several years, during which it generated healthy returns. Over the past year, the stock gained more than 25% after shares had already climbed 40.8% in 2013. However, Medtronic PLC (NYSE:MDT) no longer forms part of Renaissance Technologies’ equity portfolio. Nevertheless, numerous other institutional investors remain bullish regarding the company, such as Ric Dillon’s Diamond Hill Capital, which owns 3.68 million shares. Israel Englander’s Millenium Management also increased its position in the stock last quarter, by 79%, bringing its total stake to 2.81 million shares.

After trimming its stake in Raytheon Company (NYSE:RTN) by 166,400 shares during the third quarter, Renaissance Technologies dropped the remaining 708,600 shares last quarter, thus exiting its position in the company. Although the U.S. defense contractor continues to earn new contracts and shares grew by 19% last year, Mr. Simons’ firm seemingly does not like this stock any longer. Despite what some may think, the hedge fund does not seem to have been wrong about Raytheon Company (NYSE:RTN) so far, as it has been downgraded by numerous rating agencies and has not performed well so far this year.

Finally, Renaissance Technologies also dropped its holding in ConocoPhillips (NYSE:COP), which amounted to 1.53 million shares. After increasing and decreasing its exposure to the stock several times throughout the past two years, the New York-based hedge fund finally decided to cash in on profits and look for another investment. Although share prices have been climbing steadily over the past two years, 2014 was not great for the company. While the stock only lost just under 1% of its value last year, which greatly outperformed the sector, it does not have the best future outlook in terms of earnings. Nevertheless, some investors remain bullish regarding ConocoPhillips (NYSE:COP), including Jean-Marie Eveillard’s First Eagle Management, which owns 8.97 million shares of the company’s stock, after disclosing an increase of 1.18 million shares last quarter.

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