Stocks Bought in Q3

QUALCOMM Incorporated (NASDAQ:QCOM)

– Shares Bought During Q3: 4.97 million
– Value of Holding (as of September 30): $358 million

– Q4 Return (through December 14): -20.01%

– Forward P/E Ratio: 12.72

– Forward Dividend Yield: 4.30%

Point72 took a large new position in QUALCOMM Incorporated (NASDAQ:QCOM) during Q3 that instantly made it the second-most valuable long position owned by the fund. Cohen’s new holding contributed to Qualcomm being one of 20 Dividend Stocks That Billionaires Are Piling On, with it ranking sixth on that list.

Netflix, Inc. (NASDAQ:NFLX)

– Shares Bought During Q3: 477,155
– Value of Holding (as of September 30): $179 million

– Q4 Return (through December 14): -28.68%

– Forward P/E Ratio: 64.14

Point72 opened a large position in Netflix, Inc. (NASDAQ:NFLX) during Q3, ahead of the streaming giant’s planned movie blitz, which will see it release as many as 90 films a year with individual budgets that could reach as high as $200 million. Netflix added 7 million subscribers in Q3, but is on pace for negative free cash flow of $3 billion this year because of its aggressive spending on content, which included renewing all 10 seasons of Friends for 2019 at a controversial price tag of $100 million.

PVH Corp (NYSE:PVH)

– Shares Bought During Q3: 766,460
– Value of Holding (as of September 30): $110.68 million

– Q4 Return (through December 14): -35.45%

– Forward P/E Ratio: 8.89

– Forward Dividend Yield: 0.16%

Cohen unloaded The Gap, Inc. (NYSE:GPS) during Q3, replacing it in Point72’s portfolio with PVH Corp (NYSE:PVH), owner of clothing brands like Tommy Hilfiger. Unfortunately for the fund, PVH shares have been battered in Q4 following third-quarter weakness in its Calvin Klein brand, which lead to a rare revenue miss by the company, its first in two years.

Cigna Corporation (NYSE:CI)

– Shares Bought During Q3: 812,292
– Value of Holding (as of September 30): $193 million

– Q4 Return (through December 14): -1.38%

– Forward P/E Ratio: 13.28

– Forward Dividend Yield: 0.02%

After a huge drop in the hedge fund ownership of Cigna Corporation (NYSE:CI) during Q2, that mark rebounded by 22% in Q3. While Point72 was already a shareholder, the fund was also extremely bullish on the stock during the quarter, multiplying its share count by 706%.

Stocks Sold in Q3

The Gap, Inc. (NYSE:GPS)

– Shares Sold During Q3: 2.74 million
– Value of Holding (as of September 30): $0

– Q4 Return (through December 14): -7.76%

– Forward P/E Ratio: 10.04

– Forward Dividend Yield: 3.65%

Unlike fellow billionaire investor Ray Dalio, who bought The Gap, Inc. (NYSE:GPS) during Q3, Cohen unloaded his fund’s $88.9 million stake in the struggling retailer, whose namesake brand has been dragging down results of late. Point72 had owned the second-largest position in the stock on June 30 among the funds tracked in our database.

Disclosure: None