Apple Central World, the second flagship store in Thailand is preparing to officially opened at CentralWorld shopping mall, Bangkok, Thailand, July 29, 2020.
Bhubeth Bhajanavorakul/Dreamstime.comThe largest public pension in the U.S.by assets made some big second-quarter changes in its investment portfolio. For California Public Employees’ Retirement System, known as Calpers, it was also the last full quarter of changes under investment chief Ben Meng, who stepped down in early August.
Calpers sold Apple stock in the quarter, and bought more shares of chip giant Advanced Micro Devices (AMD), biotech firm Regeneron Pharmaceuticals (REGN), and marijuana firm Tilray (TLRY). The pension disclosed the trades in a form it filed with the Securities and Exchange Commission.
The pension, which manages assets of more than $400 billion, didn’t respond to a request for comment on its transactions,
Calpers sold a little more than 1 million Apple shares in the second quarter, lowering its investment in the iPhone maker to 9.2 million shares.
Apple stock has rocketed nearly 57% this year through Friday’s close, including a 26% rise in July and August. By comparison the S&P 500 index, a measure of the broad market, is up 4.4% year to date, and up 8.8% in the third quarter.
Earlier this month, strong earnings and the announcement of a four-for-one stock split boosted Apple shares, lifting them to a near $2 trillion market valuation. Apple stock edged lower last week on a report that iPhone sales slipped in China.
The pension bought 287,472 more AMD shares in the quarter, ending June with 2.6 million shares.
AMD stock has soared 77.3% year to date, including a 54.5% leap in the third quarter.
AMD stock’s outperformance comes as rival Intel (INTC) has stumbled, and some observers see the latter losing more market share to AMD.
Regeneron shares have gained 63.1% year to date, although in the third quarter they have slipped 1.8%.
Editor's Choice
We’ve noted that Regeneron’s potential Covid-19 treatment could be as big as a vaccine. The biotech’s second-quarter earnings, reported earlier this month, were strong. At least one analyst also really likes Regeneron’s oncology pipeline.
Calpers bought 654,007 additional Regeneron shares in the second quarter, increasing its investment to 837,998 shares.
The pension also materially raised its investment in Tilray stock by buying 160,500 shares in the quarter, raising its holdings to 204,700 shares of the marijuana grower.
Tilray stock has wilted in 2020, with a year-to-date plunge of 57.7%, but so far in the third quarter, it is up 2%.
Tilray’s recent second-quarter report was disappointing. The company had reported a smaller-than-expected loss in the first quarter as it saw a bump in cannabis sales as the coronavirus pandemic began to roil markets and caused consumers to load up on supplies in order to work at home.
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.
"sold" - Google News
August 17, 2020 at 06:00PM
https://ift.tt/312GQ37
Calpers Sold Apple Stock. It Bought AMD, Regeneron, and Tilray - Barron's
"sold" - Google News
https://ift.tt/3d9iyrC
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "Calpers Sold Apple Stock. It Bought AMD, Regeneron, and Tilray - Barron's"
Post a Comment