Microsoft Corp (NASDAQ:MSFT)
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The world’s leading software company, Microsoft is the force behind the Windows operating systems and the Office suite of software.
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The world’s leading software company, Microsoft is the force behind the Windows operating systems and the Office suite of software.
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Bill Gates is done selling shares (well, most of them anyhow) having gone from an insider position of 40% down to 10%. He's busy worrying about Buffett's money now, too. Projected return = 19% on 8/24/2006.
In a private email, a CAPPER asked me to expound on what the sale of Bill Gate's shares have to do with anything.
We can't post graphs here, but if we could, I'd show the basically linear sell-off of Gates insider position (approx. 40%) starting near the market peak in 2000 and steadily reducing to today's 9.6% stake. At the same time, growth projections for MSFT went from upwards of 20% down to upper single digits. The point is, both conditions have changed. Gates can only sell the remaining 9.6% -- and frankly, I think he'll stop selling -- and the growth expectations have stabilized at 10-12%. (The analyst consensus estimate for EPS growth is now 12%) How much of the sluggishness in MSFT's stock price over the last few years was due to a flooded market for its shares and how much was due to declining growth expectations. I don't know -- but it was a wicked combination impact on the situation. We have the projected annual return at 19% (10/12/2006.)