The New York State Teachers’ Retirement System trimmed investments in Apple and Intel stock in the second quarter. The pension also bought more Nvidia and AbbVie stock.
Photograph by Justin Sullivan/Getty ImagesThe New York State Teachers’ Retirement System made changes in some of its largest holdings in the second quarter.
The pension sold Apple (ticker: AAPL) and Intel stock (INTC), and bought Nvidia (NVDA) and AbbVie stock (ABBV) in the quarter. NYSTRS, as the pension is known, disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
NYSTRS, which managed $122.5 billion in assets at June 30, 2019, declined to comment on the transactions. The pension provides benefits to about 433,000 New York state public school teachers and administrators outside of New York City.
The pension sold 130,188 Apple shares in the quarter, lowering its investment to 6 million shares of the iPhone maker.
Apple stock tumbled nearly 15% in the first quarter, but it has rallied since. The year-to-date gain through Friday’s close stands at 44.7%, compared with a 1.2% rise in the S&P 500 index, a measure of the broader market.
Apple stock has recently traded at record highs. The company handily topped earnings expectations Thursday night, and declared a four-for-one stock split. That split will reduce Apple stock’s influence in the Dow Jones Industrial Average.
NYSTRS sold 145,292 Intel shares in the second quarter to lower its investment to 6.4 million shares of the chip giant.
Intel stock was flat for 2020 at the end of June, but the company disclosed in July that it was having production problems. Shares plunged. Intel has seen a high-level departure in its engineering operations, and the year-to-date drop in the stock stands at 20.3%.
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Nvidia stock, on the other hand, has surged 80.4% this year. We’ve noted that the chip giant’s market value has now topped Intel’s. Jensen Huang, Nvidia’s CEO, told us, “People thought we were a videogame company. But we are an accelerated computing company where videogames were our first killer app.”
The pension bought 15,708 additional Nvidia shares in the second quarter to end June with 891,854 shares.
NYSTRS also bought 409,903 more AbbVie shares in the quarter, lifting its investment to 2.6 million shares of the drug firm.
AbbVie stock soared 29% in the second quarter, more than erasing a 14% first-quarter drop. Shares have slipped 3.3% in the third quarter, but the year-to-date gain stands at 7.2%.
AbbVie topped earnings expectations Friday, but guidance disappointed. We noted that at least one analyst is optimistic that AbbVie will be able to replace the revenue it will lose when Humira, the world’s bestselling drug, faces more competition from biosimilars in 2023. Humira, an injectable treatment for autoimmune disorders including arthritis, psoriasis, and colitis, saw its patent expire in October 2018 in Denmark, and a study showed the country saved a bundle by prescribing biosimilars.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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August 03, 2020 at 06:00PM
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