MO No Mo': Oakmark Fund's Nygren Snuffs Out Philip Morris Stake
A manager known for smoking out solid undervalued stocks set fire to his Philip Morris(MO Quote) stake in the third quarter.
Bill Nygren disclosed that he sold the mid-cap value (OAKMX Quote)Oakmark fund's long-standing stake in tobacco concern Philip Morris in a letter to shareholders posted on the fund's Web site Friday morning. Nygren, who has made his name at the helm of (OAKLX Quote)Oakmark Select fund since 1996, inherited the large and high-profile stake in the embattled shop when he replaced Robert Sanborn on the Oakmark fund in March.
His reason for selling his Philip Morris shares: He and co-manager Kevin Grant felt Philip Morris' Kraft business made the stock worth more than $30, despite the government's popular and well-known antitobacco jihad. When the stock hit their price target, they sold -- the stock's highest closing price during the third quarter was $33.88 on Aug. 15, according to Morningstar. ...
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