Kahn Brothers Group, a money manager and investment advisor headed by the legendary value investor, Irving Kahn disclosed that its equity portfolio has a market value of approximately $614.8 million for the third quarter based on its 13F filing with the Securities and Exchange Commission (SEC).
Kahn Brothers’ new acquisition
During the quarter, Kahn Brothers Group acquired 51,000 shares of GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) worth approximately $2.34 million.
Last month, the British pharmaceutical company reported earnings of 27.9 pence per share and £5.6 billion in group turnover for the third quarter. The company expected to achieve full year 2014 core EPS to be largely similar with last year. In addition, GlaxoSmithKline said it is on schedule to complete its three-part transaction with Novartis AG (ADR) (NYSE:NVS) in the first half of 2015.
GlaxoSmithKline plc (ADR) (NYSE:GSK) (LON:GSK) recently announced a quarterly of $0.61 per share, which will be paid on January 8 to shareholders of record as of November7.
Increased stockholdings
Kahn Brothers Group increased its stake Novartis AG (ADR) (NYSE:NVS) by 4,000 shares to 30,368 shares. The firm’s current stockholding in the company has a market value of approximately $2.85 million.
The money manager also boosted its stockholding in International Business Machines Corp (NYSE:IBM) by 4,000 shares to 7,258. Its stake in the tech giant is worth approximately $1.37 million.
Last month, IBM reported lower than expected quarterly earnings. The company posted earnings of $3.68 per share on $22.4 billion in revenue compared with the consensus estimate of $4.32 per share on $23.37 billion in revenue.
Kahn Brothers Group also boosted its stake in Comcast Corporation (NASDAQ:CMCSA) by 2,182 shares to 26,435 shares worth around $1.42 million. The company reported quarterly earnings of $0.73 per share, higher than the $0.71 per share consensus estimate.
The money manager also bought additional 5,400 shares of Flushing Financial Corporation (NASDAQ:FFIC). Its stake in the company is now 15,519 shares worth $283,532. The stock is trading around $19.75 per share in the early afternoon trading in New York.
Kahn Brothers’ largest stockholding
The largest stockholding of Kahn Brothers Group is Merck & Co., Inc (NYSE:MRK), which accounts 10.69% of its equity portfolio. During the quarter, the money manager reduced its stake in the company by 10,885 shares to 1,109,189 shares. Its stake in Merck has a market value of around $65.75 million.
Its second largest stockholding is Citigroup Inc (NYSE:C). Kahn Brothers Group also reduced its stake in the bank by 156,584 shares to 1,228,560 shares during the period. Its stake in Citigroup has a market value of approximately $63.66 million, which accounts 10.36% of its equity portfolio.
