Manning & Napier Group of Companies is an employee-owned firm founded in 1970 that manages over $25 billion in assets, including $8 billion in international portfolios, as of June 30, 2010. The firm’s investment decisions are decided by the Senior Research Group, a 10-person team with an average of 17 years tenure with the firm. Until 2009, it was the only firm that had beaten the S&P 500 for 10 consecutive years. Its top five holdings in the first quarter of 2011 are Schlumberger Limited (SLB, Financial), Google Inc. (GOOG, Financial), Hess Corporation (HES, Financial), Unilever Plc (UL, Financial) and Baker Hughes (BHI, Financial).
Schlumberger Limited
Schlumberger Limited is a global technology services company consisting of two business segments, Schlumberger Oilfield Services and SchlumbergerSema. Schlumberger Ltd. has a market cap of $121.54 billion; its shares were traded at around $89.38 with a P/E ratio of 30.5 and P/S ratio of 4.5. The dividend yield of Schlumberger Ltd. stocks is 1.1%. Schlumberger Ltd. had an annual average earnings growth of 7.2% over the past 5 years.
Schlumberger Ltd. is a long-time holding of Manning & Napier – their first purchase was 214,360 shares in the second quarter of 2006 $34.33. They continued to acquire shares as the price went up, then selling when it went into the $70s - $90s, and selling out at $85.3 per share in the first quarter of 2008. They re-initiated a stake in the fourth quarter of 2009, purchasing 2,202,569 shares at $63.85 per share. They have added to their holdings every quarter since then and acquired $23,151 in the first quarter of 2011 for $88.11 per share.
The company had net income of $1.04 billion in the fourth quarter of 2010, up from $795 million in the year ago quarter. It had earnings per share of $0.76 per share in the fourth quarter of 2010, up from $0.66 per share in the year-ago quarter.
Google Inc.
Google is a public and profitable company focused on search services. Google Inc. has a market cap of $172.9 billion; its shares were traded at around $537.76 with a P/E ratio of 19.7 and P/S ratio of 6. Google Inc. had an annual average earnings growth of 58.4% over the past 10 years.
Manning & Napier first bought Google in the third quarter of 2007. They bought 303,959 shares at an average price of $527.16 per share. In their long history with the stock, they have bought and sold it numerous times. In the first quarter of 2011, they bought 54,679 shares at $603.09 per share. In total, they own 1,053,467 shares.
Google had net income of $2.543 billion in the fourth quarter of 2010, up from $1.974 billion in the year-ago quarter. In 2010, it had its highest net income at least 8 years – $8.5 billion. It had earnings per share of $7.95 in the fourth quarter of 2010, up from $6.22 in the year-ago quarter. In 2010, it had its highest earnings per share in at least eight years – $26.60.
Hess Corporation
Hess Corporation is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products, electricity. Hess Corp. has a market cap of $28.08 billion; its shares were traded at around $82.74 with a P/E ratio of 15.6 and P/S ratio of 0.8. The dividend yield of Hess Corp. stocks is 0.5%. Hess Corp. had an annual average earnings growth of 7.9% over the past 10 years. GuruFocus rated Hess Corp. the business predictability rank of 2-star.
Hess Corporation has been in Manning & Napier’s portfolio since the second quarter of 2006, when they bought 2,287,412 shares at $36.49 per share. In the fourth quarter of 2010, they had 7,340,088 shares. In the first quarter, they sold 267,406 shares for $81.72 per share.
The company had net income of $58 million in the fourth quarter of 2010, down from $358 million in the year-ago quarter. In 2010, its net income was $2.1 billion, up from $740 million in 2009. Hess’s earnings per share was $0.18 in the fourth quarter of 2010, down from $1.09 per share in the year-ago quarter. In 2010, earnings per share was $6.46, up from $2.26 in 2009.
Unilever PLC
Unilever Plc is engaged in manufacturing of branded and packaged consumer goods, including food, detergents and personal care products. Unilever Plc has a market cap of $97.92 billion; its shares were traded at around $32.86 with a P/E ratio of 16 and P/S ratio of 1.6. The dividend yield of Unilever Plc stocks is 3.5%.
Manning & Napier has been buying and selling Unilever stock since before the second quarter of 2006. In the fourth quarter of 2010, they sold 1,618,205 shares at $29.69 per share, after which they owned 12,469,963. In the first quarter of 2011, they purchased 4,719,118 shares at $29.77 per share.
Unilever had net income of $6.1 billion net income in 2010, up from $5.1 billion in 2009. Earnings per share in 2010 was $2.14 in 2010, down from $3.9 in 2009.
Baker Hughes Inc.
Baker Hughes Inc. is engaged in the oilfield and process industries. Baker Hughes Inc. has a market cap of $33.56 billion; its shares were traded at around $77.28 with a P/E ratio of 34.4 and P/S ratio of 2.3. The dividend yield of Baker Hughes Inc. stocks is 0.8%. Baker Hughes Inc. had an annual average earnings growth of 11% over the past 10 years.
Manning & Napier has owned stock in Baker Hughes since before the second quarter of 2006, only selling it twice – 31,718 shares at $31.87 per share in the first quarter of 2009, and 17,452 shares in the first quarter of 2010 at $47.3 per share. In the first quarter of 2011, they acquired 12,715 shares at $66.51 per share.
Baker Hughes had net income of $335 million in the fourth quarter of 2010, up from $84 million in the year-ago quarter. In 2010, it had net income of $812 million, up from $421 million in 2009. Net income for 2009 was down from $1.64 billion in 2008. The company had earnings per share of $0.78 in the fourth quarter of 2010, up from $0.27 in the year-ago quarter. In 2010, it had earnings per share of $1.88, up from $1.36 in 2009, but down from $5.32 in 2008.
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Schlumberger Limited
Schlumberger Limited is a global technology services company consisting of two business segments, Schlumberger Oilfield Services and SchlumbergerSema. Schlumberger Ltd. has a market cap of $121.54 billion; its shares were traded at around $89.38 with a P/E ratio of 30.5 and P/S ratio of 4.5. The dividend yield of Schlumberger Ltd. stocks is 1.1%. Schlumberger Ltd. had an annual average earnings growth of 7.2% over the past 5 years.
Schlumberger Ltd. is a long-time holding of Manning & Napier – their first purchase was 214,360 shares in the second quarter of 2006 $34.33. They continued to acquire shares as the price went up, then selling when it went into the $70s - $90s, and selling out at $85.3 per share in the first quarter of 2008. They re-initiated a stake in the fourth quarter of 2009, purchasing 2,202,569 shares at $63.85 per share. They have added to their holdings every quarter since then and acquired $23,151 in the first quarter of 2011 for $88.11 per share.
The company had net income of $1.04 billion in the fourth quarter of 2010, up from $795 million in the year ago quarter. It had earnings per share of $0.76 per share in the fourth quarter of 2010, up from $0.66 per share in the year-ago quarter.
Google Inc.
Google is a public and profitable company focused on search services. Google Inc. has a market cap of $172.9 billion; its shares were traded at around $537.76 with a P/E ratio of 19.7 and P/S ratio of 6. Google Inc. had an annual average earnings growth of 58.4% over the past 10 years.
Manning & Napier first bought Google in the third quarter of 2007. They bought 303,959 shares at an average price of $527.16 per share. In their long history with the stock, they have bought and sold it numerous times. In the first quarter of 2011, they bought 54,679 shares at $603.09 per share. In total, they own 1,053,467 shares.
Google had net income of $2.543 billion in the fourth quarter of 2010, up from $1.974 billion in the year-ago quarter. In 2010, it had its highest net income at least 8 years – $8.5 billion. It had earnings per share of $7.95 in the fourth quarter of 2010, up from $6.22 in the year-ago quarter. In 2010, it had its highest earnings per share in at least eight years – $26.60.
Hess Corporation
Hess Corporation is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products, electricity. Hess Corp. has a market cap of $28.08 billion; its shares were traded at around $82.74 with a P/E ratio of 15.6 and P/S ratio of 0.8. The dividend yield of Hess Corp. stocks is 0.5%. Hess Corp. had an annual average earnings growth of 7.9% over the past 10 years. GuruFocus rated Hess Corp. the business predictability rank of 2-star.
Hess Corporation has been in Manning & Napier’s portfolio since the second quarter of 2006, when they bought 2,287,412 shares at $36.49 per share. In the fourth quarter of 2010, they had 7,340,088 shares. In the first quarter, they sold 267,406 shares for $81.72 per share.
The company had net income of $58 million in the fourth quarter of 2010, down from $358 million in the year-ago quarter. In 2010, its net income was $2.1 billion, up from $740 million in 2009. Hess’s earnings per share was $0.18 in the fourth quarter of 2010, down from $1.09 per share in the year-ago quarter. In 2010, earnings per share was $6.46, up from $2.26 in 2009.
Unilever PLC
Unilever Plc is engaged in manufacturing of branded and packaged consumer goods, including food, detergents and personal care products. Unilever Plc has a market cap of $97.92 billion; its shares were traded at around $32.86 with a P/E ratio of 16 and P/S ratio of 1.6. The dividend yield of Unilever Plc stocks is 3.5%.
Manning & Napier has been buying and selling Unilever stock since before the second quarter of 2006. In the fourth quarter of 2010, they sold 1,618,205 shares at $29.69 per share, after which they owned 12,469,963. In the first quarter of 2011, they purchased 4,719,118 shares at $29.77 per share.
Unilever had net income of $6.1 billion net income in 2010, up from $5.1 billion in 2009. Earnings per share in 2010 was $2.14 in 2010, down from $3.9 in 2009.
Baker Hughes Inc.
Baker Hughes Inc. is engaged in the oilfield and process industries. Baker Hughes Inc. has a market cap of $33.56 billion; its shares were traded at around $77.28 with a P/E ratio of 34.4 and P/S ratio of 2.3. The dividend yield of Baker Hughes Inc. stocks is 0.8%. Baker Hughes Inc. had an annual average earnings growth of 11% over the past 10 years.
Manning & Napier has owned stock in Baker Hughes since before the second quarter of 2006, only selling it twice – 31,718 shares at $31.87 per share in the first quarter of 2009, and 17,452 shares in the first quarter of 2010 at $47.3 per share. In the first quarter of 2011, they acquired 12,715 shares at $66.51 per share.
Baker Hughes had net income of $335 million in the fourth quarter of 2010, up from $84 million in the year-ago quarter. In 2010, it had net income of $812 million, up from $421 million in 2009. Net income for 2009 was down from $1.64 billion in 2008. The company had earnings per share of $0.78 in the fourth quarter of 2010, up from $0.27 in the year-ago quarter. In 2010, it had earnings per share of $1.88, up from $1.36 in 2009, but down from $5.32 in 2008.
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