Below we’ll check out the Top 5 Stocks New Mets Owner Steve Cohen Was Buying in Q3. For more background on the billionaire investor and a look at some of his other major moves during Q3, check out Top 10 Stocks New Mets Owner Steve Cohen Was Buying in Q3.
- Eli Lilly & Co (NYSE:LLY)
Steve Cohen’s Point72 Asset Management added Eli Lilly & Co (NYSE:LLY) to its portfolio in Q3, buying nearly 1.32 million shares worth $195 million on September 30. Several other hedge funds have been bullish on Eli Lilly this year, driving a 19% quarter-over-quarter jump in hedge fund ownership of LLY as of June 30 among the funds tracked by Insider Monkey.
Amana Mutual Fund discussed Eli Lilly, its top performing stock during Q1, in the fund’s first quarter 2020 investor letter, praising the pharma giant’s revenue growth and balance sheet:
“Lilly stood out as one, among a handful, of companies that registered a positive return for the first quarter. In January, Lilly reported excellent fourth quarter results, with revenue growing at a faster clip than over the first three quarters of the year. Lilly is also financially strong with debt equivalent to only two times EBITDA and 12% of market capitalization. Johnson & Johnson, while trailing Lilly, shares many of the same characteristics and also outperformed.”