Manning & Napier Does Some Things in a Big Way in Third Quarter

Guru raises some stakes by several thousand percent

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Oct 23, 2015
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Manning & Napier Advisors Inc. made several small deals – and also a few big ones – in the third quarter, including some that increased stakes by several thousand percent.

Manning & Napier’s most noteworthy third-quarter transaction was the sale of nearly all of its stake in Viacom Inc. (VIAB, Financial), a New York City-based mass media company. Manning & Napier sold 12,024,941 shares for an average price of $49.63 per share. The transaction had a -3.49% impact on Manning & Napier’s portfolio.

Viacom has a market cap of $19.75 billion and an enterprise value of $19.55 billion. It has a P/E of 12.1, a forward P/E of 8.1, a P/B of 7.2 and a P/S of 1.5. GuruFocus has given Viacom a Financial Strength rating of 3/10 and a Profitability and Growth rating of 7/10.

Manning & Napier is Viacom’s leading shareholder among the gurus. Donald Yacktman (Trades, Portfolio), Warren Buffett (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Yacktman Focused Fund (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Murray Stahl (Trades, Portfolio), John Rogers (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Richard Snow (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Scott Black (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), David Dreman (Trades, Portfolio) and Jeff Auxier (Trades, Portfolio) have shares of Viacom in their portfolios.

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At the close of trading Thursday, Viacom sold for $49.65 per share.

Manning & Napier nearly sold all of its stake in Cameron International Corp. (CAM, Financial), a Houston-based oil services and equipment company. Manning & Napier sold 6,521,776 shares for an average price of $55.04 per share. The deal had a -1.49% impact on Manning & Napier’s portfolio.

Cameron has a market cap of $13.03 billion and an enterprise value of $15.03 billion. It has a P/E of 20.1, a forward P/E of 23.4, a P/B of 3.0 and a P/S of 1.3. GuruFocus has given Cameron a Financial Strength rating of 4/10 and a Profitability and Growth rating of 8/10.

Pioneer Investments (Trades, Portfolio), Steven Cohen (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of Cameron in their portfolios.

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Cameron sold for $68.03 when the final bell sounded Thursday.

Manning & Napier increased its position in Apple Inc. (AAPL, Financial), a Cupertino, Calif.-based electronics company, by 9,324.60%. Manning & Napier bought 2,579,185 shares for an average price of $117.3 per share. The deal had a 1.53% impact on Manning & Napier’s portfolio.

Apple has a market cap of $658.66 billion and an enterprise value of $678.38 billion. It has a P/E of 13.3, a forward P/E of 11.3, a P/B of 5.3 and a P/S of 3.0. GuruFocus has given Apple a Financial Strength rating of 7/10 and a Profitability and Growth rating of 9/10.

Carl Icahn (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), David Einhorn (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), David Rolfe (Trades, Portfolio), Bill Nygren (Trades, Portfolio), David Tepper (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Jim Simons (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Chuck Royce (Trades, Portfolio), RS Investment Management (Trades, Portfolio), John Buckingham (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Ron Baron (Trades, Portfolio), Jim Chanos (Trades, Portfolio), Mark Hillman (Trades, Portfolio), John Burbank (Trades, Portfolio), Scott Black (Trades, Portfolio), Dodge & Cox, Louis Moore Bacon (Trades, Portfolio), David Dreman (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Bill Frels (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Meridian Funds (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Chris Davis (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Lee Ainslie (Trades, Portfolio) have shares of Apple in their portfolios.

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Apple sold for $115.5 per share late Thursday.

Manning & Napier increased its stake in Qualcomm Inc. (QCOM, Financial), a San Diego-based semiconductor company, by 2,510.40%. Manning & Napier bought 4,748,621 shares for an average price of $59.42 per share. The purchase had a 1.38% impact on Manning & Napier’s portfolio.

Qualcomm has a market cap of $94.95 billion and an enterprise value of $84.52 billion. It has a P/E of 16.6, a forward P/E of 12.7, a P/B of 2.8 and a P/S of 3.8. GuruFocus has given Qualcomm a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.

Jana Partners (Trades, Portfolio), James Barrow (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), David Rolfe (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Steven Romick (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Bill Frels (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Richard Snow (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Zeke Ashton (Trades, Portfolio), John Buckingham (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Dodge & Cox, Murray Stahl (Trades, Portfolio), John Burbank (Trades, Portfolio), Jeff Auxier (Trades, Portfolio) and John Hussman (Trades, Portfolio) have shares of Qualcomm in their portfolios.

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Qualcomm sold for $60.43 per share late Thursday.

Manning & Napier bought 7,252,360 shares of Range Resources Corp. (RRC, Financial), increasing that stake by a comparatively smaller 293.99%. Manning & Napier paid an average price of $39.02 per share in the Fort Worth, Texas-based oil and gas company. The acquisition had a 1.25% impact on Manning & Napier’s portfolio.

Range Resources has a market cap of $5.47 billion and an enterprise value of $8.94 billion. It has a P/E of 16.5, a forward P/E of 476.2, a P/B of 1.7 and a P/S of 2.5. GuruFocus has given Range Resources a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

Manning & Napier is Range Resources’ leading shareholder among the gurus. Ruane Cunniff (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), T. Boone Pickens, Ray Dalio (Trades, Portfolio) and John Burbank (Trades, Portfolio) have shares of Range Resources in their portfolios.

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At the closing bell Thursday, Range Resources was selling for $32.31 per share.

Manning & Napier sold out nearly three dozen existing stakes, the most noteworthy being its sale of 3,943,264 shares of Hess Corp. (HES, Financial), a New York-based oil and gas company, for an average price of $57.23 per share. The divestiture had a -1.15% impact on Manning & Napier’s portfolio.

Hess has a market cap of $17.55 billion and an enterprise value of $22.57 billion. It has a P/B of 0.8 and a P/S of 2.0. GuruFocus has given Hess a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.

Paul Singer (Trades, Portfolio), Brian Rogers (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Michael Price (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Murray Stahl (Trades, Portfolio), RS Investment Management (Trades, Portfolio) and Dodge & Cox have shares of Hess in their portfolios.

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Hess sold for $61.13 per share late Thursday.

Manning & Napier bought 21 new stakes in the third quarter. The most significant acquisition was a 2,671,920-share stake in Medtronic PLC (MDT, Financial), an Irish medical device company, for an average price of $73.65 per share. The deal had a 0.96% impact on Manning & Napier’s portfolio.

Medtronic has a market cap of $103.29 billion and an enterprise value of $120.87 billion. It has a P/E of 30.8, a forward P/E of 16.9, a P/B of 1.9 and a P/S of 3.8. GuruFocus has given Medtronic a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.

James Barrow (Trades, Portfolio), Vanguard Health Care fund, PRIMECAP Management (Trades, Portfolio), Dodge & Cox, Jeremy Grantham (Trades, Portfolio), HOTCHKIS & WILEY, Bill Nygren (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Bill Frels (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Cohen (Trades, Portfolio), John Hussman (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), John Keeley (Trades, Portfolio), John Buckingham (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), and John Burbank (Trades, Portfolio) have shares of Medtronic in their portfolios.

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At the end of trading Thursday, Medtronic was selling for $73.07 per share.

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