Manning & Napier Advisors Inc. added a stake in General Electric Co. (GE, Financial), a Fairfield, Connecticut-based conglomerate, to its portfolio in the second quarter of 2013 and proceeded to contribute more shares to the stake through the rest of 2013 and all through 2014.
The guru shifted gears and reduced the stake in each quarter in 2015, capping the year by nearly divesting itself of the holding in the fourth quarter.
Manning & Napier sold nearly 99% of its General Electric stake in the fourth quarter. The guru sold 13,771,667 shares for an average price of $29.73 per share. The transaction had a -1.86% impact on Manning & Napier’s portfolio.
The remaining stake of 189,611 shares is 0.03% of Manning & Napier’s total assets. General Electric’s leading shareholder among the gurus is Ken Fisher (Trades, Portfolio) with a stake of 31,224,886 shares. The stake is 0.33% of General Electric’s outstanding shares and 1.94% of Fisher’s total assets.
General Electric has a forward P/E of 18.2, a P/B of 3 and a P/S of 2.7. GuruFocus gives General Electric a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
General Electric sold for $31.48 per share Tuesday.
Similarly, Manning & Napier invested in a stake in Eli Lilly and Co. (LLY, Financial), a pharmaceutical company based in Indianapolis, in the first quarter of 2011. The guru made transactions involving the stake in every subsequent quarter, mostly additions but with a few reductions sprinkled among them, until 2015, when the guru made reductions in every quarter except the second.
In the fourth quarter of 2015, Manning & Napier sold 4,077,747 shares, more than 99% of its stake, for an average price of $83.01 per share. The deal had a -1.83% impact on the guru’s portfolio.
The remaining stake of 36,950 shares is 0.02% of Manning & Napier’s total assets. Eli Lilly’s leading shareholder among the gurus is PRIMECAP Management (Trades, Portfolio) with a stake of 57,654,392 shares. The stake is 5.21% of Eli Lilly’s outstanding shares and 4.97% of PRIMECAP’s total assets.
Eli Lilly has a P/E of 32.1, a forward P/E of 18.4, a P/B of 5.5 and a P/S of 3.8. GuruFocus gives Eli Lilly a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
Eli Lilly sold for $71.70 per share Tuesday.
Manning & Napier also bought a stake in Merck & Co. Inc. (MRK, Financial), a Kenilworth, New Jersey-based pharmaceutical company, in the first quarter of 2011 and bought or sold shares in the stake in every subsequent quarter until selling nearly 91% of its stake in the fourth quarter of 2015.
Manning & Napier sold 5,599,557 shares for an average price of $52.9 per share. The transaction had a -1.49% impact on Manning & Napier’s portfolio.
The remaining stake of 578,810 shares is 0.02% of Merck’s outstanding shares and 0.18% of Manning & Napier’s total assets. Vanguard Health Care Fund (Trades, Portfolio) is Merck’s leading shareholder among the gurus with a stake of 50,476,700 shares. The stake is 1.82% of Merck’s outstanding shares and 5.3% of Vanguard’s total assets.
Merck has a P/E of 34.2, a forward P/E of 13.4, a P/B of 3.3 and a P/S of 3.8. GuruFocus gives Merck a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
Merck sold for $53.32 per share Tuesday.
Manning & Napier also bought and sold shares in its stake in EMC Corp. (EMC, Financial), a Hopkinton, Massachusetts-based data storage company, in every quarter since the first quarter of 2011. Most of the transactions were sales, especially after the middle of 2013, but none was as large proportionately as the guru’s sale of more than 92% of its stake in the fourth quarter of 2015.
Manning & Napier sold 5,334,684 shares for an average price of $25.98 per share. The deal had a -0.69% impact on the guru’s portfolio.
The remaining stake of 454,600 shares is 0.03% of EMC’s outstanding shares and 0.07% of Manning & Napier’s total assets. Dodge & Cox is EMC’s leading shareholder among the gurus with a stake of 95,808,352 shares. The stake is 4.92% of EMC’s outstanding shares and 2.41% of Dodge & Cox’s total assets.
EMC has a P/E of 26.1, a forward P/E of 14.2, a P/B of 2.4 and a P/S of 2.1. GuruFocus gives EMC a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
EMC sold for $26.71 per share Tuesday.
Manning & Napier acquired a stake in Sanofi SA (SNY, Financial), a French pharmaceutical company, in the first quarter of 2011 and bought or sold shares in the company in every ensuing quarter before selling 90% of the stake in the fourth quarter of 2015.
Manning & Napier sold 2,537,114 shares for an average price of $45.91 per share. The transaction had a -0.65% impact on the guru’s portfolio.
The remaining stake of 281,917 shares is 0.01% of Sanofi’s outstanding shares and 0.07% of Manning & Napier’s total assets. Sanofi’s leading shareholder among the gurus is Dodge & Cox with a stake of 49,915,073 shares. The stake is 1.91% of Sanofi’s outstanding shares and 2.09% of Dodge & Cox’s total assets.
Sanofi has a P/E of 21.8, a forward P/E of 12.2, a P/B of 1.6 and a P/S of 2.7. GuruFocus gives Sanofi a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Sanofi sold for $39.94 per share Tuesday.
Manning & Napier trimmed its stake in Visa Inc. (V, Financial), a Foster City, California-based financial services company, by nearly 32%. The guru sold 1,733,678 shares for an average price of $77.62 per share. The deal had a -0.65% impact on Manning & Napier’s portfolio.
The remaining stake of 3,729,694 shares is 0.17% of Visa’s outstanding shares and 1.69% of Manning & Napier’s total assets. Visa’s leading shareholder among the gurus is Frank Sands (Trades, Portfolio) with a stake of 44,284,945 shares. The stake is 2.03% of Visa’s outstanding shares and 8.85% of Sands’ total assets.
Visa has a P/E of 27.6, a forward P/E of 22.9, a P/B of 5.6 and a P/S of 13.1. GuruFocus gives Visa a Financial Strength rating of 7/10 and a Profitability and Growth rating of 9/10.
Visa sold for $75.38 per share Tuesday.
Manning & Napier invested in a stake in Qihoo 360 Technology Co. Ltd. (QIHU, Financial), a Chinese Internet security company, in the fourth quarter of 2013, then bought or sold shares in the stake in every successive quarter until selling the stake in the fourth quarter of 2015.
Manning & Napier sold 4,568,709 shares for an average price of $63.48 per share. The divestiture had a -1.18% impact on the guru’s portfolio.
Qihoo 360’s leading shareholder among the gurus is Chris Davis (Trades, Portfolio) with a stake of 1,484,948 shares. The stake is 1.15% of Qihoo 360’s outstanding shares and 0.45% of Davis’ total assets.
Qihoo 360 has a P/E of 36.7, a forward P/E of 8.8, a P/B of 9.9 and a P/S of 6. GuruFocus gives Qihoo 360 a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Qihoo 360 sold for $75.46 per share Tuesday.
Manning & Napier boosted its stake in Medtronic PLC (MDT, Financial), a medical device company based in Dublin, by nearly 88%. Manning & Napier purchased 2,344,290 shares for an average price of $75.44 per share. The transaction had a 1.05% impact on Manning & Napier’s portfolio.
The stake, now 5,016,210 shares, is 0.28% of Medtronic’s outstanding shares and 2.25% of Manning & Napier’s total assets. Barrow, Hanley, Mewhinney & Strauss is Medtronic’s leading shareholder among the gurus with a stake of 30,282,119 shares. The stake is 1.68% of Medtronic’s outstanding shares and 3.47% of the guru’s total assets.
Medtronic has a P/E of 44.4, a forward P/E of 15.5, a P/B of 2.7 and a P/S of 3.8. GuruFocus gives Medtronic a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Medtronic sold for $75.48 per share Tuesday.
Manning & Napier increased its stake in Apple Inc. (AAPL, Financial), a Cupertino, California-based technology company, by more than 51% with the acquisition of 1,330,218 shares for an average price of $114.33 per share. The deal had a 0.82% impact on Manning & Napier’s portfolio.
The stake, now 3,937,063 shares, is 0.07% of Apple’s outstanding shares and 2.42% of Manning & Napier’s total assets. Carl Icahn (Trades, Portfolio) is Apple’s leading shareholder among the gurus with a stake of 45,760,848 shares. The stake is 0.83% of Apple’s outstanding shares and 16.36% of Icahn’s total assets.
Apple has a P/E of 11.5, a forward P/E of 10.3, a P/B of 4.5 and a P/S of 2.6. GuruFocus gives Apple a Financial Strength rating of 6/10 and a Profitability and Growth rating of 9/10.
Apple sold for $107.68 per share Tuesday.
Manning & Napier hiked its stake in Amdocs Ltd. (DOX, Financial), a Chesterfield, Missouri-based software solutions and services company serving communications, entertainment and media service providers, by more than 87%. Manning & Napier bought 2,336,895 shares for an average price of $57.33 per share. The transaction had a 0.75% impact on Manning & Napier’s portfolio.
The stake, now 5,016,536 shares, is 3.34% of Amdocs’ outstanding shares and 1.6% of Manning & Napier’s total assets. Manning & Napier is Amdocs’ leading shareholder among the gurus.
Amdocs has a P/E of 22.5, a forward P/E of 15.6, a P/B of 2.6 and a P/S of 2.5. GuruFocus gives Amdocs a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Amdocs sold for $59.93 per share Tuesday.
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