Manning & Napier Advisors Inc. made several buys in the first quarter, and it bought or sold shares in a number of companies that sold for average prices in triple digits, but its top deal of the quarter was the sale of a stake for an average price that was just under triple digits.
Manning & Napier’s most significant transaction in the first quarter was the divestiture of its 3,937,063-share stake in Apple Inc. (AAPL, Financial), a technology company based in Cupertino, California, for an average price of $99.61 per share. The divestiture had a -2.42% impact on Manning & Napier’s portfolio.
Apple’s leading shareholder among the gurus is Carl Icahn (Trades, Portfolio) 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 11.7, a forward P/E of 11, a P/B of 4.9 and a P/S of 2.7. GuruFocus gives Apple a Financial Strength rating of 6/10 and a Profitability and Growth rating of 9/10.
Apple sold for $109.85 per share Friday.
Manning & Napier sold its 30,398,395-share stake in Alcoa Inc. (AA, Financial), a New York-based aluminum producer, for an average price of $8.45 per share. The divestiture had a -1.75% impact on Manning & Napier’s portfolio.
Paul Singer (Trades, Portfolio) is Alcoa’s leading shareholder among the gurus with a stake of 67,100,000 shares. The stake is 5.1% of Alcoa’s outstanding shares and 8.1% of Singer’s total assets.
Alcoa has a forward P/E of 16.3, a P/B of 1.1 and a P/S of 0.6. GuruFocus gives Alcoa a Financial Strength rating of 6/10 and a Profitability and Growth rating of 3/10.
Alcoa sold for $10.01 per share Friday.
Manning & Napier sold its 1,421,575-share stake in Baidu Inc. (BIDU, Financial), a Beijing-based web services company, for an average price of $170.13 per share. The divestiture had a -1.57% impact on Manning & Napier’s portfolio.
Baidu’s leading shareholder among the gurus is Frank Sands (Trades, Portfolio) with a stake of 9,629,786 shares. The stake is 2.78% of Baidu’s outstanding shares and 4.69% of Sands’ total assets.
Baidu has a P/E of 13, a forward P/E of 20, a P/B of 5.4 and a P/S of 6.6. GuruFocus gives Baidu a Financial Strength rating of 9/10 and a Profitability and Growth rating of 7/10.
Baidu sold for $193.22 per share Friday.
Manning & Napier sold its 8,051,396-share stake in Juniper Networks Inc. (JNPR, Financial), a Sunnyvale, California-based networking equipment company, for an average price of $25.01 per share. The divestiture had a -1.3% impact on Manning & Napier’s portfolio.
Diamond Hill Capital (Trades, Portfolio) is now Juniper’s leading shareholder among the gurus with a stake of 5,776,762 shares. The stake is 1.51% of Juniper’s outstanding shares and 1.06% of Diamond Hill’s total assets.
Juniper has a P/E of 14.8, a forward P/E of 10.2, a P/B of 2 and a P/S of 1.9. GuruFocus gives Juniper a Financial Strength rating of 5/10 and a Profitability and Growth rating of 8/10.
Juniper sold for $23.64 per share Friday.
Manning & Napier made 21 new buys in the first quarter. The most noteworthy was the acquisition of a 5,395,810-share stake in ServiceNow Inc. (NOW, Financial), a Santa Clara, California-based cloud computing company, for an average price of $63.68 per share. The purchase had a 2.09% impact on Manning & Napier’s portfolio.
The stake is 3.34% of ServiceNow’s outstanding shares and 2.09% of Manning & Napier’s total assets. Manning & Napier is ServiceNow’s leading shareholder among the gurus.
ServiceNow has a forward P/E of 63.7, a P/B of 18 and a P/S of 9.8. GuruFocus gives ServiceNow a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.
ServiceNow sold for $63.28 per share Friday.
Manning & Napier raised its stake in Medtronic PLC (MDT, Financial), a Dublin-based medical equipment company, by more than 55% with the purchase of 2,779,780 shares for an average price of $75.29 per share. The transaction had a 1.32% impact on Manning & Napier’s portfolio.
The stake, now 7,795,990 shares, is 0.43% of Medtronic’s outstanding shares and 3.7% of Manning & Napier’s total assets. Medtronic’s leading shareholder among the gurus is Barrow, Hanley, Mewhinney & Strauss 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 45.3, a forward P/E of 16.5, a P/B of 2.7 and a P/S of 3.6. GuruFocus gives Medtronic a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Medtronic sold for $77.1 per share Friday.
Manning & Napier boosted its stake in BlackRock Inc. (BLK, Financial), a New York-based investment management company, by nearly 527% with the purchase of 551,450 shares for an average price of $316.95 per share. The deal had a 1.18% impact on Manning & Napier’s portfolio.
The stake, now 656,180 shares, is 0.4% of BlackRock’s outstanding shares and 1.41% of Manning & Napier’s total assets. Manning & Napier became BlackRock’s leading shareholder among the gurus with the acquisition.
BlackRock has a P/E of 18.1, a forward P/E of 15.2, a P/B of 2 and a P/S of 5.3. GuruFocus gives BlackRock a Financial Strength rating of 5/10 and a Profitability and Growth rating of 8/10.
BlackRock sold for $357.74 per share Friday.
Manning & Napier raised its stake in Facebook Inc. (FB, Financial), a social networking service based in Menlo Park, California, by almost 110%. Manning & Napier acquired 1,298,408 shares for an average price of $105.28 per share. The transaction had a 0.94% impact on Manning & Napier’s portfolio.
The stake, now 2,479,475 shares, is 0.09% of Facebook’s outstanding shares and 1.79% of Manning & Napier’s total assets. Facebook’s leading shareholder among the gurus is Sands with a stake of 24,017,872 shares. The stake is 0.84% of Facebook’s outstanding shares and 6.48% of Sands’ total assets.
Facebook has a P/E of 85.8, a forward P/E of 29.6, a P/B of 7.1 and a P/S of 17.7. GuruFocus gives Facebook a Financial Strength rating of 9/10 and a Profitability and Growth rating of 7/10.
Facebook sold for $109.64 per share Friday.
Manning & Napier trimmed its stakes in Alphabet Inc. (GOOG, Financial)(GOOGL, Financial), the Mountain View, California-based parent company of Google and several companies that were owned by Google, by nearly half each. The guru sold more than 45% of its stake in GOOG, with a -1.11% impact on the guru’s portfolio, and more than 44% of its stake in GOOGL, with an impact of -1.05% on the guru’s portfolio.
Manning & Napier sold 251,039 shares of GOOG for an average price of $716.19 per share, leaving a stake of 301,708 shares. The remaining stake is 0.04% of GOOG’s outstanding shares and 1.42% of the guru’s total assets. Dodge & Cox is GOOG’s leading shareholder among the gurus with a stake of 3,278,856 shares. The stake is 0.48% of GOOG’s outstanding shares and 2.44% of Dodge & Cox’s total assets.
GOOG has a P/E of 34, a forward P/E of 19.3, a P/B of 4.5 and a P/S of 7.2.
GOOG sold for $759 per share Friday.
Manning & Napier sold 603,602 shares of GOOGL for an average price of $736.08 per share, leaving a stake of 294,554 shares. The stake is 0.04% of GOOGL’s outstanding shares and 1.42% of Manning & Napier’s total assets. PRIMECAP Management (Trades, Portfolio) is GOOGL’s leading shareholder among the gurus with a stake of 2,577,639 shares. The stake is 0.37% of GOOGL’s outstanding shares and 2.05% of PRIMECAP’s total assets.
GOOGL has a P/E of 34, a forward P/E of 19.8, a P/B of 4.5 and a P/S of 7.2.
GOOGL sold for $780 per share Friday.
GuruFocus gives Alphabet a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.
Manning & Napier cut its stake in Intuitive Surgical Inc. (ISRG, Financial), a Sunnyvale, California-based medical appliances and equipment company, by almost 64% with the sale of 346,290 shares for an average price of $557.15 per share. The deal had a -1.11% impact on Manning & Napier’s portfolio.
The remaining stake of 195,145 shares is 0.52% of Intuitive Surgical’s outstanding shares and 0.74% of Manning & Napier’s total assets. Intuitive Surgical’s leading shareholder among the gurus is Vanguard Health Care Fund (Trades, Portfolio) with a stake of 519,996 shares. The stake is 1.38% of Intuitive Surgical’s outstanding shares and 0.56% of Vanguard’s total assets.
Intuitive Surgical has a P/E of 40.3, a forward P/E of 27.9, a P/B of 5.4 and a P/S of 9.9. GuruFocus gives Intuitive Surgical a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.
Intuitive Surgical sold for $624.22 per share Friday.
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