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David Carlson Exits Medtronic, Trims Apple Holding

David Carlson (Trades, Portfolio), manager of the Elfun Trusts, sold shares of the following stocks in the second quarter.

The guru exited his Medtronic PLC (NYSE:MDT) stake. The trade had an impact of -0.83% on the portfolio.

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The manufacturer of therapeutic medical devices has a market cap of $137.24 billion and an enterprise value of $152.84 billion.

GuruFocus gives the company a profitability and growth rating of 9 out of 10. The return on equity of 9.24% and return on assets of 5.17% are underperforming 56% of companies in the Medical Devices industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.39 is below the industry median of 2.19.

The largest guru shareholder of the company is Barrow, Hanley, Mewhinney & Strauss with 0.99% of outstanding shares, followed by the Vanguard Health Care Fund (Trades, Portfolio) with 0.73% and Pioneer Investments (Trades, Portfolio) with 0.54%.

Carlson curbed his PepsiCo Inc. (NASDAQ:PEP) holding by 16.48%. The portfolio was impacted by -0.70%.

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The manufacturer of soft drinks and other nonalcoholic beverages has a market cap of $178.85 billion and an enterprise value of $206.54 billion.


GuruFocus gave the company a profitability and growth rating of 7 out of 10. The return on equity of 101.48% and return on assets of 16.82% are outperforming 88% of companies in the Beverages - Non-Alcoholic industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 0.12 is below the industry median of 0.46.

The largest guru shareholder of the company is Pioneer Investments (Trades, Portfolio) with 0.63% of outstanding shares, followed by Jim Simons (Trades, Portfolio)' Renaissance Technologies with 0.51% and Yacktman Asset Management (Trades, Portfolio) with 0.48%.

The investor curbed his Apple Inc. (NASDAQ:AAPL) position by 18%. The portfolio was impacted by -0.65%.

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The company, which makes electronic devices like iPhones and Mac computers, has a market cap of $922 billion and an enterprise value of $935.81 billion.


GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 51.35% and return on assets of 15.89% are outperforming 92% of companies in the Computer Hardware industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.87 is below the industry median of 1.19.

The company's largest guru shareholder is Warren Buffett (Trades, Portfolio) with 5.42% of outstanding shares, followed by Ken Fisher (Trades, Portfolio) with 0.30%, Pioneer Investments with 0.22% and Spiros Segalas (Trades, Portfolio) with 0.10%.

The guru reduced his American Tower Corp. (NYSE:AMT) holding by 19.1%, impacting the portfolio by -0.64%.

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The company has a market cap of $95.39 billion and an enterprise value of $122.65 billion.

GuruFocus gives the company a profitability and growth rating of 9 out of 10. While the return on equity of 27.18% is outperforming the sector, the return on assets of 4.15% is underperforming 58% of companies in the Communication Services industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.04 is below the industry median of 0.34.

The company's largest guru shareholder is Chuck Akre (Trades, Portfolio) with 1.63% of outstanding shares, followed by Simons' firm with 0.53% and Segalas with 0.26%

Carlson reduced his The Cooper Companies Inc. (NYSE:COO) position by 34.48%, impacting the portfolio by -0.57%.

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The company, which manufactures contact lenses, has a market cap of $16.57 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. While the return on equity of 12.80% is outperforming the sector, the return on assets of 6.83% is underperforming 53% of companies in the Medical Instruments and Equipment industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.05 is below the industry median of 1.45.

Al Gore (Trades, Portfolio) is the company's largest guru shareholder with 4.65% of outstanding shares, followed by Pioneer Investments with 1.34%, Ron Baron (Trades, Portfolio) with 0.48% and Carlson's Elfun Trusts with 0.19%.

The Intuit Inc. (NASDAQ:INTU) holding was closed, impacting the portfolio by -0.50%.

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The software company has a market cap of $71.20 billion and an enterprise value of $67.92 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 50.29% and return on assets of 25.67% are outperforming 94% of companies in the Application Software industry. Its financial strength is rated 8 out of 10. The cash-debt ratio of 8.32 is above the industry median of 3.19.

PRIMECAP Management (Trades, Portfolio) is the company's largest guru shareholder with 1.50% of outstanding shares, followed by Frank Sands (Trades, Portfolio) with 0.85% and Philippe Laffont (Trades, Portfolio) with 0.43%.

The investor reduced his Charles Schwab Corp. (NYSE:SCHW) stake by 16.67%. The portfolio was impacted by -0.49%.

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The company, which is engaged in the brokerage and banking businesses, has a market cap of $54.40 billion.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. While the return on equity of 17.13% is outperforming the sector, the return on assets of 1.35% is underperforming 74% of companies in the Brokers and Exchanges industry. Its financial strength is rated 5 out of 10 with no debt.

The largest guru shareholder of the company is Dodge & Cox with 5.72% of outstanding shares, followed by PRIMECAP Management with 2.36%, Gore with 1.57% and Bill Nygren (Trades, Portfolio) with 0.72%.

Disclosure: I do not own any stocks mentioned.

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This article first appeared on GuruFocus.