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Manning & Napier Advisors, Inc. is a 100% independent employee-owned investment advisory firm founded by William Manning in 1970. The firm manages ~ $25 bn in the Manning & Napier series of mutual funds, in addition to other funds, and caters to individuals and institutions.

Investment Strategy: Manning & Napier Advisors, Inc. primarily employs a bottom-up, fundamental approach in identifying domestic investments. The firm invests across all market-caps, seeking companies with strong strategic profile, such as strong market position, technological advantage, capital appreciation in a mature market, and high barriers to entry. In addition, target investments are companies with improving market share in consolidating industries and stocks with low price relative to fundamental or breakup value. For its international investments, Manning & Napier Advisors utilizes a top-down approach to evaluate economic trends and industry-specific factors to target opportunities that will benefit from these trends, such as those being created by global economic and political changes. The dividend focus strategy employs a fundamentally-based quantitative approach to identify high dividend-yielding stocks with high free cash flow and low likelihood of financial distress. The firm also manages sector-focused portfolios, including financial services, life sciences and technology.

The following is a list of its top 15 sells by market value in the last quarter, as released in its most recent 13F filing with the SEC.

Stock

Symbol

Shares held

31 December 2010

Shares held

31 March 2011

Covidien plc

COV

4690289

0

Becton, dickinson and company

BDX

5167141

3069549

The home depot, inc.

HD

5089812

147338

Accenture plc

ACN

3753926

180210

Sherwin-williams co.

SHW

1967173

147699

Willis group holdings public limited company

WSH

4139309

0

Progressive corp.

PGR

6281421

0

Monsanto co.

MON

7964030

6052146

Boston scientific corporation

BSX

42993202

29463455

Thermo fisher scientific, inc.

TMO

1890229

14986

Sap ag

SAP

1869907

115230

Charles schwab corp.

SCHW

27622781

21635706

Abb ltd.

ABB

10309718

6262761

Martin marietta mtrl

MLM

1638639

798380

Vulcan materials company

VMC

3428265

1591235

Here are some of the specifics about these companies, including a brief description of their business, growth rates (topline and bottomline) and Valuation:

Covidien plc

Manning & Napier Advisors sold all 8975888 shares of Covidien plc.

Covidien Plc, is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. It operates its businesses through three segments: Medical Devices, Pharmaceuticals and Medical Supplies. Its EPS forecast for the current year is 3.84 and next year is 4.21. According to the consensus estimates, its top line is expected to grow 9.10% current year and 4.80% next year. It is trading at a forward P/E of 13.21. Out of 21 analysts covering the company, 20 are positive and have buy recommendations and 1 has a hold rating.

Becton, Dickinson and Company

Manning & Napier Advisors sold 2097592 shares of Becton, Dickinson and Company last quarter and now holds 3069549 shares.

Becton, Dickinson and Company is a global medical technology company engaged in the development, manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. BD’s operations consist of three business segments: BD Medical, BD Diagnostics and BD Biosciences. Its EPS forecast for the current year is 5.51 and next year is 6.12. According to the consensus estimates, its top line is expected to grow 4.30% current year and 5.80% next year. It is trading at a forward P/E of 13.94. Out of 20 analysts covering the company, 6 are positive and have buy and 14 have hold ratings.


The Home Depot, Inc.

Manning & Napier Advisors sold 4942474 shares of The Home Depot, Inc. last quarter and now holds 147338 shares.

The Home Depot, Inc. is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. Its EPS forecast for the current year is 2.31 and next year is 2.68. According to the consensus estimates, its top line is expected to grow 2.60% current year and 3.90% next year. It is trading at a forward P/E of 13.98. Out of 28 analysts covering the company, 16 are positive and have buy recommendations, 1 has a sell recommendation and 11 have hold ratings.


Accenture plc

Manning & Napier Advisors sold 3573716 shares of Accenture plc last quarter and now holds 180210 shares.

Accenture plc (Accenture) is a management consulting, technology services and outsourcing company, which has offices and operations in more than 200 cities in 53 countries. Its business is organized in five operating groups and their 19 industry groups. Its five operating groups include communications & high tech, financial services, health & public service, products and resources. Its EPS forecast for the current year is 3.26 and next year is 3.67. According to the consensus estimates, its top line is expected to grow 14.20% current year and 8.30% next year. It is trading at a forward P/E of 15.55. Out of 24 analysts covering the company, 20 are positive and have buy recommendations and 4 have hold ratings.

Sherwin-Williams Co.

Manning & Napier Advisors sold 1819474 shares of Sherwin-Williams Co. last quarter and now holds 147699 shares.

The Sherwin-Williams Company is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America, with additional operations in the Caribbean region, Europe and Asia. It has three segments: Paint Stores Group, Consumer Group and Global Finishes Group. Its EPS forecast for the current year is 5.04 and next year is 5.90. According to the consensus estimates, its top line is expected to grow 9.80% current year and 6.60% next year. It is trading at a forward P/E of 13.81. Out of 17 analysts covering the company, 2 are positive and have buy recommendations, 1 has a sell recommendation and 14 have hold ratings.


Willis Group Holdings plc

Manning & Napier Advisors sold all 4139309 shares of Willis Group Holdings Public Limited.

Willis Group Holdings Public Limited Company (Willis Group Holdings) is a holding company. It provides a range of insurance brokerage, reinsurance and risk management consulting services to its clients globally. It acts as an intermediary between its clients and insurance carriers by advising its clients on their risk management requirements, helping clients determine managing risk, and negotiating and placing insurance risk with insurance carriers through its global distribution network. Its EPS forecast for the current year is 2.82 and next year is 3.30. According to the consensus estimates, its top line is expected to grow 4.00% current year and 5.60% next year. It is trading at a forward P/E of 12.48. Out of 16 analysts covering the company, 8 are positive and have buy recommendations and 8 have hold ratings.


Progressive Corp.

Manning & Napier Advisors sold all 6281421 shares of Progressive Corp.

The Progressive Corporation is an insurance holding company. Its property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles and uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. Its non-insurance subsidiaries support its insurance and investment operations. The Company operates its businesses throughout the United States. Its EPS forecast for the current year is 1.59 and next year is 1.67. According to the consensus estimates, its top line is expected to grow 4.70% current year and 4.50% next year. It is trading at a forward P/E of 13.05. Out of 22 analysts covering the company, 9 are positive and have buy recommendations and 13 have hold ratings.


Monsanto Co.

Manning & Napier Advisors sold 1911884 shares of Monsanto Co. last quarter and now holds 6052146 shares.

Monsanto Company (Monsanto), along with its subsidiaries, is a provider of agricultural products for farmers. Its seeds, biotechnology trait products, and herbicides provide farmers with solutions that improve productivity, reduce the costs of farming, and produce better foods for consumers and better feed for animals. It manages business in two segments: Seeds and Genomics, and Agricultural Productivity. Its EPS forecast for the current year is 2.83 and next year is 3.36. According to the consensus estimates, its top line is expected to grow 8.40% current year and 8.30% next year. It is trading at a forward P/E of 20.27. Out of 23 analysts covering the company, 11 are positive and have buy recommendations, 1 has a sell recommendation and 11 have hold ratings.


Boston Scientific Corporation

Manning & Napier Advisors sold 13529747 shares of Boston Scientific Corporation last quarter and now holds 29463455 shares.

Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. Its products were offered for sale by seven business groups: CRM, Cardiovascular, including International Cardiology and Peripheral Interventions businesses; Electrophysiology; Endoscopy; Urology / Women’s Health; Neuromodulation, and Neurovascular. Its EPS forecast for the current year is 0.39 and next year is 0.46. According to the consensus estimates, its top line is expected to decline 1.10% current year and grow 1.60% next year. It is trading at a forward P/E of 15.82. Out of 28 analysts covering the company, 5 are positive and have buy recommendations, 3 have sell recommendations and 20 have hold ratings.


Thermo Fisher Scientific, Inc.

Manning & Napier Advisors sold 1875243 shares of Thermo Fisher Scientific, Inc. last quarter and now holds 14986 shares.

Thermo Fisher Scientific Inc. (Thermo Fisher) is engaged in serving science. It provides analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. It operates through two segments: analytical technologies and laboratory products and services. Its EPS forecast for the current year is 4.08 and next year is 4.61. According to the consensus estimates, its top line is expected to grow 6.40% current year and 6.60% next year. It is trading at a forward P/E of 12.96. Out of 17 analysts covering the company, 16 are positive and have buy recommendations and 1 has a hold rating.


SAP AG

Manning & Napier Advisors sold 1754677 shares of SAP AG last quarter and now holds 115230 shares.

SAP AG is engaged in selling licenses for software solutions and related services. In addition, it offers consulting, maintenance, and training services for its software solutions. It has three segments: Product, Consulting, and Training. Its EPS forecast for the current year is 2.62 and next year is 2.93. According to the consensus estimates, its top line is expected to grow 11.00% current year and 8.90% next year. It is trading at a forward P/E of 21.69. Out of 22 analysts covering the company, 6 are positive and have buy recommendations, 3 have sell recommendations and 13 have hold ratings.


Charles Schwab Corp.

Manning & Napier Advisors sold 5987075 shares of Charles Schwab Corp. last quarter and now holds 21635706 shares.

The Charles Schwab Corporation is a savings and loan holding company. The Company engaged, through its subsidiaries, in securities brokerage, banking, and related financial services. Its EPS forecast for the current year is 0.83 and next year is 1.15. According to the consensus estimates, its top line is expected to grow 15.50% current year and 16.90% next year. It is trading at a forward P/E of 16.15. Out of 21 analysts covering the company, 13 are positive and have buy recommendations and 8 have hold ratings.


ABB Ltd.

Manning & Napier Advisors sold 4046957 shares of ABB Ltd. last quarter and now holds 6262761 shares.

ABB Ltd. provides power and automation technologies for its utility and industrial customers. It focuses on power transmission, distribution and power-plant automation serves electric, gas and water utilities, as well as industrial and commercial customers. It also delivers automation systems that measure, control, protect and optimize plant applications across a range of industries. Its EPS forecast for the current year is 1.52 and next year is 1.85. According to the consensus estimates, its top line is expected to grow 15.50% current year and 9.50% next year. It is trading at a forward P/E of 14.75. Out of 6 analysts covering the company, 4 are positive and have buy recommendations and 2 have hold ratings.


Martin Marietta Mtrl

Manning & Napier Advisors sold 840259 shares of Martin Marietta Mtrl last quarter and now holds 798380 shares.

Martin Marietta Materials, Inc. is a producer of aggregates for the construction industry, including infrastructure, commercial, agricultural and residential. It also manufactures and markets magnesia-based chemical products used in industrial, agricultural, and environmental applications and dolomitic lime sold primarily to customers in the steel industry. It operates in four business segments: the Mideast Group, Southeast Group, and West Group, collectively the Aggregates business, and the Specialty Products segment. Its EPS forecast for the current year is 2.46 and next year is 3.32. According to the consensus estimates, its top line is expected to decline 0.90% current year and 10.60% next year. It is trading at a forward P/E of 27.62. Out of 18 analysts covering the company, 3 are positive and have buy recommendations, 2 have sell recommendations and 13 have hold ratings.

Vulcan Materials Company

Manning & Napier Advisors sold 1837030 shares of Vulcan Materials Company last quarter and now holds 1591235 shares.

Vulcan Materials Company (Vulcan) is a producer of construction aggregates, primarily crushed stone, sand, and gravel. Vulcan has 319 aggregates facilities. It is also a producer of asphalt mix and ready-mixed concrete, as well as a producer of cement in Florida. It operates four segments: aggregates, concrete, asphalt mix and cement. Its EPS forecast for the current year is -0.48 and next year is 0.09. According to the consensus estimates, its top line is expected to grow 2.60% current year and 9.50% next year. It is trading at a forward P/E of 490.55. Out of 19 analysts covering the company, 3 are positive and have buy recommendations, 2 have sell recommendations and 14 have hold ratings.



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Top 15 Sells of Manning & Napier Advisors