Billionaire Stephen Mandel reduces AI holdings, invests more in high-yield dividend stock

From Nasdaq: 2025-02-25 04:51:00

On Feb. 14, institutional investors filed Form 13F with the SEC, revealing top money managers’ stock purchases and sales. Lone Pine Capital’s Stephen Mandel sold AI stocks, doubled down on a high-yield dividend stock. Mandel also trimmed positions in Amazon and Salesforce due to valuation concerns amid a pricey stock market.

Mandel increased his stake in tobacco giant Philip Morris International by 115% in 2024 despite headwinds in the tobacco industry. Philip Morris’ global operations and focus on smoke-free products like Zyn nicotine pouches and IQOS are driving sales and profit growth. The stock offers a juicy 3.5% dividend yield.

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Read more at Nasdaq: Billionaire Stephen Mandel Slashed His Stake in 2 Cutting-Edge Artificial Intelligence (AI) Stocks in 2024 and Piled Into a Smoking-Hot High-Yield Dividend Payer Instead