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JP Morgan Chase and Co. manages ~ $200 bn in equity assets primarily through its asset management subsidiary JP Morgan Asset Management. The firm caters to high net-worth individuals, corporations, pension and profit sharing plans, charitable organizations and institutions.

Investment Strategy: JP Morgan Asset Management offers various strategies, including active extension, behavioral, core, enhanced, growth, long/short, quantitative and value. Investments are carried out through U.S., international and global portfolios. Emphasis is placed on identifying and monitoring key valuation and risk metrics. For the domestic investments, the firm primarily employs fundamental research to identify favorable investments. A three-step process is applied, combining research, valuation and stock selection. J.P. Morgan purchases companies that are undervalued and considers selling them when they appear to be overvalued. In addition to valuation, the firm looks for a catalyst that could prompt a rise in a stock's price, a high potential reward compared to potential risk, or temporary mispricings due to market overreactions.

The following is a list of top 15 stocks (by market value) which JP Morgan Chase and Co. bought in the last quarter, as released in its most recent 13F filing with the SEC.

Stock

Symbol

Shares Held - 03/31/2011

Wells Fargo & Company

(WFC)

88094321

Colgate-Palmolive Co.

(CL)

14549338

Fluor Corporation

(FLR)

8135777

Schlumberger Limited

(SLB)

14719227

Adobe Systems Inc.

(ADBE)

17753659

The Home Depot, Inc.

(HD)

12448159

Alcoa, Inc.

(AA)

27430744

U.S. Bancorp

(USB)

25406768

Bank of America Corporation

(BAC)

212406485

Lam Research Corporation

(LRCX)

7645755

Dendreon Corp.

(DNDN)

5911253

Northeast Utilities

(NU)

8244115

Fifth Third Bancorp

(FITB)

22777587

Johnson & Johnson

(JNJ)

17578855

Applied Materials Inc.

(AMAT)

19151030

Here are some of the specifics about these companies, including a brief description of their business, growth rates (top-line and bottom-line) and Valuation:

Wells Fargo & Company

JP Morgan Chase purchased 22454627 shares of Wells Fargo & Company last quarter and now holds a total of 88094321 shares. This position is 1.30% of its portfolio. Share price of Wells Fargo & Company has increased from $ 30.98 on December 31, 2010 to $ 31.70 on March 31, 2011.

Wells Fargo & Company is a diversified financial services company. The company provides banking, insurance, investments, mortgage banking, investment banking, retail banking, brokerage and consumer finance through banking stores, the internet and other distribution channels to consumers, businesses and institutions in 50 states, the District of Columbia and in other countries. Wells' EPS forecast for the current year is 2.77 and next year is 3.46. According to the consensus estimates, its top line is expected to decline 3.90% in the current year and grow 4.50% next year. It is trading at a forward P/E of 8.2. Out of 31 analysts covering the company, 20 are positive and have buy recommendations, two have sell recommendations and nine have hold ratings.

Colgate-Palmolive Company

JP Morgan Chase purchased 7787119 shares of Colgate-Palmolive co. last quarter and now holds a total of 14549338 shares. This position is 0.55% of its portfolio. Share price of Colgate-Palmolive has increased from $ 80.37 on December 31, 2010 to $ 80.76 on March 31, 2011.

Colgate-Palmolive company is a consumer products company. Colgate’s products are marketed in over 200 countries and territories. The company manages its business in two product segments: Oral, Personal and Home Care and Pet Nutrition. Colgate-Pamolive's EPS forecast for the current year is 5.07 and next year is 5.54. According to the consensus estimates, its top line is expected to grow 8.10% in the current year and 5.20% next year. It is trading at a forward P/E of 15.3. Out of 25 analysts covering the company, three are positive and have buy recommendations, two have sell recommendations and 20 have hold ratings.

Fluor Corporation

JP Morgan Chase purchased 7826981 shares of Fluor Corporation last quarter and now holds a total of 8135777 shares. This position is 0.28% of its portfolio. Share price of Fluor Corporation has increased from $ 66.26 on December 31, 2010 to $ 73.66 on March 31, 2011.

Fluor Corporation is a professional services firm, providing engineering, procurement, construction and maintenance, as well as project management services. Fluor serves a diverse set of industries, including oil and gas, chemicals and petrochemicals, transportation, mining and metals, power, life sciences and manufacturing. Fluor is also a primary service provider to the United States Federal Government. Fluor's EPS forecast for the current year is 3.28 and next year is 3.89. According to the consensus estimates, its top line is expected to grow 14.70% in the current year and 12.30% next year. It is trading at a forward P/E of 18.2. Out of 25 analysts covering the company, 15 are positive and have buy recommendations and 10 have hold ratings.

Schlumberger Limited.

JP Morgan Chase purchased 5827643 shares of Schlumberger limited last quarter and now holds a total of 14719227 shares. This position is 0.64% of its portfolio. Share price of Schlumberger limited has increased from $ 83.5 on December 31, 2010 to $ 93.26 on March 31, 2011.

Schlumberger Limited is a supplier of technology, integrated project management and information solutions to the international oil and gas exploration and production industry. Schlumberger consisted of five business segments as of December 31, 2010: Schlumberger Oilfield Services, WesternGeco, M-I SWACO, Smith Oilfield and Distribution. Schlumberger's EPS forecast for the current year is 3.73 and next year is 5.10. According to the consensus estimates, its top line is expected to grow 39.80% in the current year and 16.60% next year. It is trading at a forward P/E of 16.2. Out of 37 analysts covering the company, 32 are positive and have buy recommendations, one has a sell recommendation and four have hold ratings.

Adobe Systems Incorporated

JP Morgan Chase purchased 10171449 shares of Adobe systems inc. last quarter and now holds a total of 17753659 shares. This position is 0.27% of its portfolio. Share price of Adobe systems inc. has increased from $ 30.78 on December 31, 2010 to $ 33.15 on March 31, 2011.

Adobe Systems Incorporated offers a range of business, Web and mobile software and services used by professionals, knowledge workers, developers, marketers, enterprises and consumers for creating, managing, delivering, optimizing and engaging with content and experiences across multiple operating systems, devices and media. Adobe's EPS forecast for the current year is 2.23 and next year is 2.54. According to the consensus estimates, its top line is expected to grow 8.30% in the current year and 10.50% next year. It is trading at a forward P/E of 13.1. Out of 28 analysts covering the company, 12 are positive and have buy recommendations and 16 have hold ratings.

The Home Depot, Inc.

JP Morgan Chase purchased 7071279 shares of The Home Depot, Inc. last quarter and now holds a total of 12448159 shares. This position is 0.22% of its portfolio. Share price of The Home Depot, Inc has increased from $ 35.06 on December 31, 2010 to $ 37.06 on March 31, 2011.

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. HD's 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% in the current year and 3.90% next year. It is trading at a forward P/E of 13.8. Out of 28 analysts covering the company, 16 are positive and have buy recommendations, one has a sell recommendation and 11 have hold ratings.

Alcoa Inc.

JP Morgan Chase purchased 14724377 shares of Alcoa, inc. last quarter and now holds a total of 27430744 shares. This position is 0.23% of its portfolio. Share price of Alcoa, inc. has increased from $ 15.39 on December 31, 2010 to $ 17.65 on March 31, 2011.

Alcoa Inc. is engaged in the production and management of aluminum, fabricated aluminum, and alumina combined, through its participation in mining, refining, smelting, fabricating and recycling. Alcoa's EPS forecast for the current year is 1.34 and next year is 1.52. According to the consensus estimates, its top line is expected to grow 16.60% in the current year and 5.20% next year. It is trading at a forward P/E of 11.3. Out of 16 analysts covering the company, eight are positive and have buy recommendations, two have sell recommendations and six have hold ratings.

U.S. Bancorp

JP Morgan Chase purchased 9347007 shares of U.S. Bancorp last quarter and now holds a total of 25406768 shares. This position is 0.31% of its portfolio. Share price of U.s. Bancorp has decreased from $ 26.96 on December 31, 2010 to $ 26.43 on March 31, 2011.

U.S. Bancorp is a multi-state financial services holding company. U.S. Bancorp provides a range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. The company also engages in credit card services, merchant and automated teller machine [ATM] processing, mortgage banking, insurance, brokerage and leasing. US Bancorp's EPS forecast for the current year is 2.15 and next year is 2.57. According to the consensus estimates, its top line is expected to grow 0.20% in the current year and 4.50% next year. It is trading at a forward P/E of 9.8. Out of 32 analysts covering the company, 17 are positive and have buy recommendations, two have sell recommendations and 13 have hold ratings.

Bank of America Corporation

JP Morgan Chase purchased 18003648 shares of Bank of America Corporation last quarter and now holds a total of 212406485 shares. This position is 1.32% of its portfolio. Share price of Bank of America Corporation has decreased from $ 13.34 on December 31, 2010 to $ 13.32 on March 31, 2011.

Bank of America is a financial institution, serving individual consumers, small and middle market businesses, corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. BAC's EPS forecast for the current year is 1.07 and next year is 1.73. According to the consensus estimates, its top line is expected to decline 4.10% in the current year and grow 5.50% next year. It is trading at a forward P/E of 7.1. Out of 30 analysts covering the company, 17 are positive and have buy recommendations and 13 have hold ratings.

Lam Research Corporation

JP Morgan Chase purchased 3996019 shares of Lam Research Corporation last quarter and now holds a total of 7645755 shares. This position is 0.2% of its portfolio. Share price of Lam Research Corporation has increased from $ 51.77 on December 31, 2010 to $ 56.65 on March 31, 2011.

Lam Research Corporation is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. The company designs, manufactures, markets, and services semiconductor processing equipment used in the fabrication of integrated circuits. It’s etched and clean technologies enable customers to build integrated circuits. Lam's EPS forecast for the current year is 5.82 and next year is 5.38. According to the consensus estimates, its top line is expected to grow 50.60% in the current year and 1.70% next year. It is trading at a forward P/E of 9.0. Out of 16 analysts covering the company, seven are positive and have buy recommendations, four have sell recommendations and five have hold ratings.

Dendreon Corporation

JP Morgan Chase purchased 5535946 shares of Dendreon Corp. last quarter and now holds a total 5911253 shares. This position is 0.1% of its portfolio. Share price of Dendreon corp. has increased from $ 34.91 on December 31, 2010 to $ 37.43 on March 31, 2011.

Dendreon Corporation is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may improve cancer treatment options for patients. The company’s product portfolio includes active cellular immunotherapy and small molecule product candidates to treat a range of cancers. Dendreon's EPS forecast for the current year is -2.36 and next year is 0.24. According to the consensus estimates, its top line is expected to grow 678.10% in the current year and 131.30% next year. It is trading at a forward P/E of 163.1. Out of 20 analysts covering the company, 15 are positive and have buy recommendations and five have hold ratings.

Northeast Utilities System

JP Morgan Chase purchased 5927245 shares of Northeast Utilities last quarter and now holds a total 8244115 shares. This position is 0.13% of its portfolio. Share price of Northeast Utilities has increased from $ 31.87 on December 31, 2010 to $ 34.59 on March 31, 2011.

Northeast Utilities is a public utility holding company. It is engaged in the energy delivery business through the wholly owned utility subsidiaries. Northeast Utilities' EPS forecast for the current year is 2.31 and next year is 2.46. According to the consensus estimates, its top line is expected to grow 3.20% in the current year and 9.50% next year. It is trading at a forward P/E of 14.3. Out of 14 analysts covering the company, five are positive and have buy recommendations, one has a sell recommendation and eight have hold ratings.

Fifth Third Bancorp

JP Morgan Chase purchased 14050713 shares of Fifth Third Bancorp last quarter and now holds a total 22777587 shares. This position is 0.15% of its portfolio. Share price of Fifth Third Bancorp has decreased from $ 14.68 on December 31, 2010 to $ 13.89 on March 31, 2011.

Fifth Third Bancorp is a diversified financial services company. The company operates in four business segments: Commercial Banking, Branch Banking, Consumer Lending and Investment Advisors. Fifth Third Bancorp's EPS forecast for the current year is 1.16 and next year is 1.44. According to the consensus estimates, its top line is expected to decline 6.40% in the current year and grow 4.10% next year. It is trading at a forward P/E of 9.0. Out of 32 analysts covering the company, 14 are positive and have buy recommendations, one has a sell recommendation and 17 have hold ratings.

Johnson & Johnson

JP Morgan Chase purchased 3286982 shares of Johnson & Johnson last quarter and now holds a total 17578855 shares. This position is 0.15% of its portfolio. Share price of Fifth Third Bancorp has decreased from $ 61.85 on December 31, 2010 to $ 59.25 on March 31, 2011.

Johnson & Johnson is engaged in the research and development, manufacture and sale of a range of products in the health care field. Johnson's EPS forecast for the current year is 4.95 and next year is 5.23. According to the consensus estimates, its top line is expected to grow 5.60% in the current year and 4.70% next year. It is trading at a forward P/E of 12.5. Out of 32 analysts covering the company, 14 are positive and have buy recommendations, one has a sell recommendation and 17 have hold ratings.

Applied Materials, Inc.

JP Morgan Chase purchased 12020193 shares of Johnson & Johnson last quarter and now holds a total 19151030 shares. This position is 0.14% of its portfolio. Share price of Fifth Third Bancorp has increased from $14.05 on December 31, 2010 to $15.62 on March 31, 2011.

Applied Materials, Inc. provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic [PV] and related industries. Applied’s customers include manufacturers of semiconductor wafers and chips, flat panel liquid crystal displays (LCDs), solar PV cells and modules, and other electronic devices. Applied's EPS forecast for the current year is 1.51 and next year is 1.53. According to the consensus estimates, its top line is expected to grow 16.40% in the current year and 0.70% next year. It is trading at a forward P/E of 10.0. Out of 24 analysts covering the company, 12 are positive and have buy recommendations, two have sell recommendations and 10 have hold ratings.

In addition to to above stocks JP Morgan Chase also purchased ~2.43 mn units of SPDR Gold Trus ETF (GLD) taking its total position to ~11.65 mn units.

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

Source: Top 15 Stocks JPMorgan Chase & Co. Is Buying