Steven Cohen is one of the most successful hedge fund managers in the United States. His phenomenal success has earned him titles such as the “Hedge Fund King” and the “Prince of Wall Street.” He manages a fund called Point72 Asset Management with his portfolio valued at $14.44 billion. In the last year, Cohen’s holdings have earned an average return of $.74%. We look at some of his recent investment moves in Facebook Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN) and Nike Inc. (NYSE:NKE).
In the second quarter, Cohen increased his holdings in Amazon by 62%. His Amazon holdings are worth more than $300 million and comprise 2.12% of his portfolio. Recently, Amazon was in news for pulling the sales of all streaming devices of Google and Apple from its site by the end of October. These include devices like Apple TVs and Google Chromecasts. The move is aimed at strengthening Amazon’s Prime Video services.
According to TipRanks’ statistics, out of 32 analysts who have recently rated Amazon’s stock, 29 have rated it as a Buy and 3 have rated it as Hold; none of the analysts have recommended to Sell the stock. The average consensus price target for the stock is $642.07, an upside of 12.49% over current levels.
Year-to-date, Cohen has reduced his holdings in Facebook by nearly 40%. The company now comprises only .50% of his total holdings, valued at over $72 million. The social networking giant is set to announce its Q3 earnings in late October. As per a report by RBC, Facebook is expected to report revenues of $4.34 billion (street estimates of $4.37 billion) and non-GAAP EPS of $0.52 (similar to street expectations.)
However, according to TipRanks, out of 40 analysts who have recently rated Facebook’ stock, a majority (38) have recommended a Buy and thus have a different view than Cohen. Only 2 analysts have rated it as Hold, while none of the analysts have given a Sell rating to Facebook’s stock. Based on the ratings of these analysts over the past 12 months, the average consensus price target for Facebook is $113.78, an upside of 16.65% over current levels.
Also, Cohen increased his holdings in Nike by over 700%. His holdings of the sports retailer now total $39.78 million. The stock has been in news as it unveiled key targets for future at a recent investor meeting. These targets include a goal of reaching $50 billion in net sales by 2020, which assumes a revenue CAGR of 10.3% (from 2015). The company is also planning to increase its dependence on ecommerce with a target $7 billion in sales from the online medium by 2020.
According to TipRanks, out of 21 analysts who have recently rated Nike’s stock, 19 have rated it a Buy and 2 has rated it as a Hold; none of the analysts have recommended to sell Nike’s stock. The average consensus price target for the stock is $138, an upside of 6.34% from current levels.