Steven Cohen’s Point72 Asset Management focused on dividend-paying stocks in Q3, upping its holding in two tech companies and opening two new positions in the energy sector, according to a report by Investing.com.
The $24 billion hedge fund firm, which lost over 20% last year but still boasts ten-year performance of over 60%, although last year the fund was down roughly 20.4%, increased its stake in Fidelity National Information Services (FIS) by more than 1.3 million shares, or roughly 68% during the third quarter. FIS is offering a dividend yield of 3.06% or $1.88 per share annually, through quarterly payments.
Cohen also increased the fund’s stake in Juniper Networks by roughly 376% or more than 4.9 million shares in the third quarter and also purchased 86 call contracts on Juniper Networks which is offering a dividend yield of 2.66% or 84 cents per share annually, conducting quarterly payments.
Point72’s new energy positions saw it acquire over 1.1 million shares of the common stock of EOG Resources Inc, an oil and gas producer with acreage in several US shale plays, which is offering a dividend yield of 2.34% or $3.30 per share annually, making quarterly payments, and over 8.4 million shares in Cenovus Energy Inc, an integrated oil company, focused on creating value through the development of its oil sands assets, which is offering a dividend yield of 1.68% or 34 cents per share annually, using quarterly payments.
