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Manning & Napier Report First Quarter Top Stocks

April 22, 2014 | About:
Monica Wolfe

Monica Wolfe

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Manning & Napier is an investment fund that provides investment solutions through various means such as managed accounts, mutual funds and collective investment trust funds. The fund was founded in 1970 and as of June 30, 2013, the fund managed $46.3 billion in client assets.

Manning & Napier recently released their first quarter portfolio which highlighted 81 new stock buys. As of the close of the first quarter the fund holds on to 372 stocks valued at $24.237 billion. The following five companies represent Manning & Napier’s top five portfolio holdings as of the close of the first quarter.

Schlumberger NV (SLB)

Manning & Napier Advisors’ largest position is in Schlumberger where they maintain 8,882,428 shares. Their position in Schlumberger represents 3.6% of their total portfolio and 0.67% of the company’s shares outstanding.

During the first quarter the fund made a reduction of -3.32% by selling 305,133 shares of the company’s stock. They sold these shares in the first quarter price range of $86.16 to $97.96, with an estimated quarterly price of $90.27. Since then the price per share is up approximately 13.1%.

Manning & Napier’s historical holding history:

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Schlumberger NV is a supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide.

Schlumberger’s historical revenue and net income:

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The analysis on Schlumberger reports that the company’s dividend yield is at a 2-year low, the company has issued $5.2 billion of debt over the past three years and they’ve shown predictable revenue and earnings growth.

The Peter Lynch Chart suggests that the company is currently overvalued:

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Schlumberger NV has a market cap of $134.15 billion. Its shares are currently trading at around $102.61 with a P/E ratio of 20.20, a P/S ratio of 2.90 and a P/B ratio of 3.40. The company had an annual average earnings growth of 12.10% over the past ten years.

GuruFocus rated Schlumberger the business predictability rank of 3-star.

Hess (HES)

Manning & Napier’s second largest holding is in Hess Corp where the fund holds on to 9,529,403 shares of the company’s stock. This position makes up for 3.3% of the fund’s total portfolio and 2.78% of the company’s shares outstanding.

During the first quarter Manning & Napier cut their position in Hess -14.04% by selling a total of 1,556,257 shares. They sold these shares in the first quarter price range of $73.92 to $83.96, with an estimated average quarterly price of $79.40. Since then the price per share has increased approximately 10.8%.

Manning & Napier’s historical holding history:

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Hess and its subsidiaries is a global integrated energy company that operates in two segments: Exploration and Production (E&P) and Marketing and Refining (M&R). The E&P segment explores for, develops, produces, purchases and sells crude oil and natural gas. The M&R segment purchases, markets and trades refined petroleum products, natural gases and electricity.

Hess’ historical revenue and net income:

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The analysis on Hess reports that the price is near a 5-year high, it has issued $1.1 billion of debt over the past three years and the company is in a healthy situation according to its Piotroski F-Score.

The Peter Lynch Chart suggests that the company is currently undervalued:

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Hess has a market cap of $28.66 billion. Its shares are currently trading at around $88.11 with a P/E ratio of 5.90, a P/S ratio of 1.20 and a P/B ratio of 1.20. The company had an annual average earnings growth of 6.80% over the past ten years.

EMC Corp (EMC)

The fund’s third largest holding is in EMC Corp where they hold 24,589,207 shares as of the close of the first quarter. Their position represents 2.8% of their total portfolio and 1.18% of the company’s shares outstanding.

Manning & Napier decreased their holdings over the first quarter. In doing so they sold a total of 6,445,609 shares of the company’s stock in the first quarter price range of $23.66 to $28.18. Since then the price per share is trading up about 4.2%.

The fund’s historical holding history:

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EMC and its subsidiaries develop, deliver and support the Information Technology industry's a range of information infrastructure and virtual infrastructure technologies and solutions.

EMC’s historical revenue and net income:

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The analysis on EMC reports that the company’s revenue has slowed down over the past year, they have issued $3.7 billion of debt over the past three years and its operating margin is expanding.

The Peter Lynch Chart suggests that the company is currently overvalued:

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EMC Corporation has a market cap of $54.55 billion. Its shares are currently trading at around $26.93 with a P/E ratio of 20.20, a P/S ratio of 2.50 and a P/B ratio of 2.50. The company had an annual average earnings growth of 14.50% over the past ten years.

GuruFocus rated EMC Corp the business predictability rank of 4-star.

Unilever PLC (UL)

Manning & Napier’s fourth largest holding is in Unilever. The guru holds on to 14,960,937 shares of Unilever, representing 2.6% of their total holdings and 0.49% of the company’s shares outstanding.

Over the past quarter, Manning & Napier increased their position 2.05% by purchasing 300,462 shares. They purchased these shares in the first quarter price range of $37.85 to $42.62, with an estimated average quarterly price of $39.78. Since then the price per share has increased approximately 10.1%.

Manning & Napier’s historical holding history:

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Unilever PLC is a supplier of fast moving consumer goods. Its four principal areas of operations are: Personal Care, Home Care, Foods and Refreshment.

Unilever’s historical revenue and earnings growth:

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The analysis on Unilever reports that the company’s price is near a 10-year high, it has issued £1.1 billion of debt over the past year and its inventory has been building up recently, meaning that the company might be having difficulty selling its product.

The Peter Lynch Chart suggests that Unilever is currently overvalued:

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Unilever PLC has a market cap of $133.31. Its shares are currently trading at around $44.07 with a P/E ratio of 19.20, a P/S ratio of 1.90 and a P/B ratio of 6.80. The dividend yield of Unilever stocks is currently at 3.50%. The company had an annual average earnings growth of 2.40% over the past ten years.

Encana (ECA)

Manning & Napier’s fifth largest holding is in Ecana. The guru holds on to 27,376,066 shares of Unilever, representing 2.4% of their total holdings and 3.71% of the company’s shares outstanding.

Over the past quarter, Manning & Napier increased their position 0.22% by purchasing 60,930 shares. They purchased these shares in the first quarter price range of $17.25 to $21.42, with an estimated average quarterly price of $18.90. Since then the price per share has increased approximately 21.8%.

Manning & Napier’s historical holding history:

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Encana is an energy producer that is focused on growing its strong portfolio of diverse resource plays producing natural gas, oil and NGLs. The company's other operations include the transportation and marketing of natural gas, oil and NGLs.

Encana’s historical revenue and net income:

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The analysis on Encana reports that the company’s revenue has been in decline over the past five years, its dividend yield is near a 5-year low and its price is near a 2-year high. The analysis also notes that the company’s P/E, P/B and P/S ratios are all near a 1-year high.

Check out Manning & Napier’s complete first quarter portfolio here.

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