Fund manager Manning & Napier purchased 61 new stocks across its portfolios in the second quarter.
Manning & Napier oversaw $45.6 billion as of March 31 and as an active manager operates a variety of portfolios. The company also employs an investment strategy centered on market cycles with an emphasis on risk management.
At second quarter end, Manning & Napier held 352 stocks valued at $22.96 billion. Their largest represented sector was Consumer Cyclical stocks, composing 24.9% of the portfolio, followed by Technology at 17.7% and Healthcare at 10.6% portions.
Of the company’s new second quarter purchases, these were the largest: Baidu Inc. (BIDU, Financial), Shire PLC (SHPG, Financial), Tegna Inc. (TGNA, Financial), Houghton Mifflin Harcourt Company (HMHC, Financial) and Norfolk Southern Corp (NSC, Financial).
Manning & Napier purchased 1,919,600 shares of Baidu Inc. in the second quarter, representing 1.03% of the portfolio. The company’s average price per share for the quarter was $205.
Baidu Inc. was incorporated in the Cayman Islands on Jan. 18, 2000. Baidu Inc. has a market cap of $64.83 billion; its shares were traded at around $184.58 with a P/E ratio of 31.00 and P/S ratio of 7.73. Baidu Inc. had an annual average earnings growth of 95.60% over the past 10 years. GuruFocus rated Baidu Inc. the business predictability rank of 3.5-star.
Manning & Napier purchased 786,159 shares of Shire PLC, a 0.83% portfolio weight. The company’s average share price for the quarter was $248.
Shire PLC was registered in Jersey on Jan. 28, 2008. Shire PLC has a market cap of $47.92 billion; its shares were traded at around $239.50 with a P/E ratio of 13.30 and P/S ratio of 7.67. The dividend yield of Shire PLC stocks is 0.28%. Shire PLC had an annual average earnings growth of 27.40% over the past five years.
Manning & Napier purchased 5,507,298 shares of Tegna Inc., a 0.77% portfolio weight. The company’s average share price for the quarter was $29.
Tegna Inc. was founded in 1906 and incorporated in 1923. Tegna Inc. has a market cap of $6.88 billion; its shares were traded at around $30.31 with a P/E ratio of 6.31 and P/S ratio of 1.15. The dividend yield of Tegna Inc. stocks is 2.64%. Tegna Inc. had an annual average earnings growth of 7.7% over the past five years.
Houghton Mifflin Harcourt Company (HMHC, Financial)
Manning & Napier purchased 3,094,493 shares of Houghton Mifflin Harcourt Company, a 0.34% portfolio weight. The company’s average share price for the quarter was $25.
Houghton Mifflin Harcourt Company has a market cap of $3.61 billion; its shares were traded at around $25.20 with and P/S ratio of 2.58.
Norfolk Southern Corp (NSC, Financial)
Manning & Napier purchased 727,667 shares of Norfolk Southern, a 0.28% portfolio weight. The company’s average share price for the quarter was $97.
Norfolk Southern Corp was incorporated in Virginia on July 23, 1980. Norfolk Southern Corp has a market cap of $26.03 billion; its shares were traded at around $85.40 with a P/E ratio of 13.72 and P/S ratio of 2.33. The dividend yield of Norfolk Southern Corp stocks is 2.71%. Norfolk Southern Corp had an annual average earnings growth of 8.60% over the past 10 years. GuruFocus rated Norfolk Southern Corp the business predictability rank of 3.5-star.
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