Manning & Napier Invests in Ball, 3 Technology Companies

Firm releases 2nd-quarter porfolio

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Jul 20, 2017
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Manning & Napier Advisers Inc. gained 47 new holdings during the quarter. Its top four new purchases were Ball Corp. (BLL, Financial), Qorvo Inc. (QRVO, Financial), Adobe Systems Inc. (ADBE, Financial) and CDK Global Inc. (CDK, Financial).

The firm is heavily invested in the health care, technology and consumer cyclical sectors. Its current portfolio is composed of 315 stocks and is valued at $11.6 million.

For its largest new purchase of the quarter, the firm established a 2.6 million-share stake in Ball for an average price of $39.41 per share, giving it 0.95% portfolio space.

The canning jar manufacturer has a market cap of $14.8 billion; its shares were trading around $42.34 on Thursday with a price-earnings (P/E) ratio of 28.23, a price-book (P/B) ratio of 4.06 and a price-sales (P/S) ratio of 1.47.

According to the Peter Lynch chart below, the stock is trading above its fair value.

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GuruFocus ranked the company’s financial strength 4 of 10 and its profitability and growth 6 of 10. The trailing dividend yield is 0.69% and the forward dividend yield is 0.94%. Over the past five years, the company has grown its dividend at a rate of 11.7% per year.

With its purchase, the firm became Ball’s largest shareholder with 0.75% of its outstanding shares. Jim Simons (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and George Soros (Trades, Portfolio) also own the stock.

The firm purchased 1.6 million shares of Qorvo for an average price of $741.65 per share, expanding the portfolio 0.87%.

The semiconductor manufacturer has a market cap of $8.73 billion; its shares were trading around $68.66 on Thursday with a forward P/E ratio of 12.3, a P/B ratio of 1.77 and a P/S ratio of 2.9.

The Peter Lynch chart below shows the stock is trading above its fair value.

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GuruFocus ranked the company’s financial strength 6 of 10 and its profitability and growth 5 of 10. The company does not pay a dividend.

Seth Klarman (Trades, Portfolio) is Qorvo’s largest guru shareholder with 5.65% of outstanding shares. Ken Fisher (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) also hold the stock.

Having previously sold out of Adobe in second-quarter 2011, Manning & Napier established a new holding of 204,515 shares. Paying an average price of $136.96 per share, the trade had an impact of 0.25% on the portfolio.

The software company has a market cap of $73.9 billion; its shares were trading around $149.95 on Thursday with a P/E ratio of 51.89, a P/B ratio of 9.48 and a P/S ratio of 11.53.

Based on the Peter Lynch chart below, the stock appears to be trading above its fair value.

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GuruFocus ranked the company’s financial strength 7 of 10 and its profitability and growth 8 of 10. The company does not currently pay a dividend.

With 5.57% of outstanding shares, PRIMECAP Management (Trades, Portfolio) is Adobe’s largest shareholder among the gurus. A total of 16 gurus own the stock.

After previously exiting its CDK Global stake in second-quarter 2015, the firm purchased 477,923 shares for an average price of $62.69 per share, giving it a portfolio weight of 0.25%.

The information technology company has a market cap of $9.46 billion; its shares were trading around $65.13 on Thursday with a P/E ratio of 33.28, a P/B ratio of 49.79 and a P/S ratio of 4.45.

The Peter Lynch chart below shows the stock is trading above its fair value.

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GuruFocus ranked the company’s financial strength 5 of 10 and its profitability and growth 6 of 10. The trailing dividend yield is 0.86% and the forward dividend yield is 0.87%.

Paul Singer (Trades, Portfolio) is the company’s largest shareholder among the gurus with 5.59% of outstanding shares. In all, 14 gurus own the stock.

Other new purchases for the quarter include McDonald’s Corp. (MCD, Financial), Gilead Sciences Inc. (GILD, Financial), Honeywell International Inc. (HON, Financial), CF Industries Holdings Inc. (CF, Financial), China Petroleum & Chemical Corp. (SNP, Financial) and Cardinal Health Inc. (CAH, Financial). View Manning & Napier's entire portfolio here.

Disclosure: I do not own any stocks mentioned in the article.