PRIMECAP Sells Stake in Technology Company

Guru adds to position in JPMorgan

Nov 16, 2015

The rationale behind PRIMECAP Management (Trades, Portfolio)’s quarterly investment decisions is pretty straight forward. PRIMECAP makes its decisions with a three- to five-year window in mind and will hold shares longer if the numbers justify doing so.

PRIMECAP’s most noteworthy third-quarter transaction was the sale of its 5,110,640-share stake in Polypore International Inc. (PPO, Financial), a Charlotte, N.C.-based technology company, for an average price of $60.08 per share. The trade had a -0.03% impact on PRIMECAP’s portfolio.

Polypore International has a market cap of $2.72 billion and an enterprise value of $3.16 billion. It has a P/E of 54.4, a forward P/E of 24.7, a P/B of 4.4 and a P/S of 4.5. GuruFocus has given Polypore International a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

Joel Greenblatt (Trades, Portfolio) is the only guru with shares of Polypore in his portfolio.

Late Monday Polypore sold for $60.48 per share.

PRIMECAP purchased an 868,600-share stake in Teradyne Inc. (TER, Financial), a Reading, Mass.-based electronic testing company, for an average price of $18.43 per share. The deal had a 0.02% impact on PRIMECAP’s portfolio.

Teradyne has a market cap of $4.27 billion and an enterprise value of $3.52 billion. It has a P/E of 38.1, a forward P/E of 13.6, a P/B of 2.1 and a P/S of 2.7. GuruFocus has given Teradyne a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

Larry Robbins (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Teradyne in their portfolios.

Late Monday Teradyne sold for $20.22 per share.

PRIMECAP reduced its position in Amgen Inc. (AMGN, Financial), a Thousand Oaks, Calif.-based biopharmaceutical company, selling 2,175,817 shares for an average price of $157.63 per share. The deal had a -0.33% impact on PRIMECAP’s portfolio.

Amgen has a market cap of $116.13 billion and an enterprise value of $116.77 billion. It has a P/E of 18.4, a forward P/E of 13.9, a P/B of 4.2 and a P/S of 5.5. GuruFocus has given Amgen a Financial Strength rating of 6/10 and a Profitability and Growth rating of 9/10.

Amgen sold for $154.5 per share late Monday.

PRIMECAP also sold 658,081 shares of Biogen Inc. (BIIB, Financial), a Cambridge, Mass.-based biotechnology company, for an average price of $330.23 per share. The transaction had a -0.26% impact on PRIMECAP’s portfolio.

Biogen has a market cap of $62.59 billion and an enterprise value of $63.28 billion. It has a P/E of 18.3, a P/B of 5.9 and a P/S of 6.3. GuruFocus has given Biogen a Financial Strength rating of 9/10 and a Profitability and Growth rating of 9/10.

Late Monday Biogen sold for $282.63 per share.

PRIMECAP sold 2,813,240 shares of Eli Lilly and Co. (LLY, Financial), an Indianapolis-based pharmaceutical company, for an average price of $84.37 per share. The trade had a -0.23% impact on PRIMECAP’s portfolio.

Eli Lilly has a market cap of $89.73 billion and an enterprise value of $93.51 billion. It has a P/E of 36.6, a forward P/E of 21.4, a P/B of 5.9 and a P/S of 4.4. GuruFocus has given Eli Lilly a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.

Eli Lilly sold for $81.18 per share late Monday.

PRIMECAP reduced its stake in Chubb Corp. (CB), a Warren, N.J.-based insurance company, for an average price of $129.42 per share. The transaction had a -0.2% impact on PRIMECAP's portfolio.

Chubb has a market cap of $29.39 billion and an enterprise value of $29.58 billion. It has a P/E of 14.9, a P/B of 1.8 and a P/S of 2.1. GuruFocus has given Chubb a Financial Strength rating of 5/10 and a Profitability and Growth rating of 7/10.

HOTCHKIS & WILEY, Pioneer Investments, Brian Rogers, Jim Simons, Chris Davis, Dodge & Cox, Michael Price, Bernard Horn, Mario Gabelli, Jeremy Grantham, Paul Tudor Jones, Joel Greenblatt, Ruane Cunniff and David Dreman have shares of Chubb in their portfolios.

Late Monday Chubb sold for $129.52 per share.

PRIMECAP increased its stake in JPMorgan Chase & Co. (JPM, Financial), a New York-based banking and financial services company, acquiring 3,995,500 shares for an average price of $65.57 per share. The purchase had a 0.27% impact on PRIMECAP’s portfolio.

JPMorgan has a market cap of $244.13 billion and an enterprise value of $212.52 billion. It has a P/E of 11.3, a forward P/E of 10.5, a P/B of 1.1 and a P/S of 2.7. GuruFocus has given JPMorgan a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.

Late Monday JPMorgan sold for $66.32 per share.

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