Billionaire Steve Cohen sold most of his stake in Broadcom and invested in Apple

From NASDAQ.: 2024-11-06 06:45:00

Steve Cohen, with a net worth of over $21 billion, sold most of his stake in Broadcom and invested in Apple. Point72 sold 3.17 million shares of Broadcom, making it the third-largest position in the fund’s portfolio. Cohen purchased 1.57 million shares of Apple, a classic Warren Buffett favorite.

Broadcom’s stock is up about 50% this year, with a recent 10-for-1 stock split. Point72’s move may be due to high valuation and potential challenges ahead. In contrast, Apple’s forward P/E ratio has decreased, and recent earnings beat estimates. The company’s AI updates could drive iPhone demand and boost stock value.

Investors should not blindly follow large institutional investors like Cohen but can gain insights from their moves. Cohen’s shift from Broadcom to Apple reflects changing market dynamics and potential for growth. Berkshire Hathaway also reduced its Apple stake this year, highlighting shifting investor sentiments towards tech stocks.



Read more at NASDAQ.: Billionaire Steve Cohen Sold 67.5% of His Stake in This AI Stock-Split and Is Piling Into a Warren Buffett Favorite