Tesla, Charles Schwab — Stocks NYSRTS, One Of US' 10 Largest Pension Funds, Purchased In Q4

The New York State Teachers’ Retirement System, one of the largest public pension funds in the United States, has piled on shares of Tesla Inc TSLA and Charles Schwab Corporation SCHW, according to filings made with the U.S. Securities and Exchange Commission. 

What Happened: The pension fund added 999,948 shares of the Elon Musk-led company in the fourth quarter, while it did not own any at the end of the third quarter.

The fund added 382,987 Schwab shares to bring its holdings up to approx. 1.82 million shares.

At the same time, the pension fund shed shares of Intel Corporation INTC and Oracle Corporation ORCL. 

The teacher’s pension held almost 5.68 million shares of Intel at the end of the fourth quarter, while it had nearly 6.08 million shares at the end of the preceding quarter, having sold 404,751 shares.

NYSTRS sold 289,217 shares of Oracle between the third and fourth quarters to bring its total holdings to nearly 2.6 million shares.

Why It Matters: Wedbush analyst Dan Ives maintained his $1,250 bull case target on Tesla in January, ahead of the company’s fourth-quarter earnings.

See Also: Tesla Reports Record Quarterly Revenue Of $10.74B, Semi Deliveries Will Begin This Year

Charles Schwab reported Q4 earnings per share of 74 cents, which beat analyst expectations of 71 cents per share.

Schwab and TD Ameritrade merged in a $26 billion all-stock deal in November last year.

Intel, which is facing stiff competition from Advanced Micro Devices Inc AMD and Nvidia Corporation NVDA, reported fourth-quarter adjusted EPS of $1.52  beating a $1.10 cents estimate.

Price Action: On Friday in the regular session, Tesla shares closed nearly 5% lower at $793.53, Oracle shares closed almost 1.3% lower at $60.43, Intel shares closed almost 1% lower at $55.51, and Charles Schwab shares closed 4.09% lower at $51.54.