Institutional Ownership

Ownership Information

Shares Outstanding

321,406,096

Ownership Activity - Total Positions

Total Positions
HOLDERS1471
SHARES258,445,391

Company	Shares	% Out	Value ($)	Reported
Vanguard Group Inc.	26,254,243	8.17	4,573,226,588	9/30/2019
Briar Hall Management LLC	25,841,147	8.04	4,501,269,396	9/30/2019
State Farm Mutual Automobile Insurance Co.	23,154,700	7.20	4,033,317,193	9/30/2019
BlackRock Inc.	20,353,474	6.33	3,545,371,636	9/30/2019
Northern Trust Global Investments	13,925,487	4.33	2,425,680,581	9/30/2019
State Street Global Advisors Inc.	13,902,535	4.33	2,421,682,572	9/30/2019
Massachusetts Financial Services Co.	9,153,591	2.85	1,594,464,016	9/30/2019
Capital Research & Mgmt Co.	8,885,095	2.76	1,547,694,698	9/30/2019
Wells Fargo & Co.	7,600,134	2.36	1,323,867,341	9/30/2019
Geode Capital Management LLC	4,598,674	1.43	801,043,024	9/30/2019
Charles Schwab Investment Management Inc.	4,014,039	1.25	699,205,453	9/30/2019
BNY Asset Management	3,755,773	1.17	654,218,099	9/30/2019
JP Morgan Asset Management	3,583,395	1.11	624,191,575	9/30/2019
Norges Bank Investment Management	3,060,285	0.95	533,071,044	12/31/2018
T. Rowe Price Group Inc.	2,613,788	0.81	455,295,732	9/30/2019
Legal & General Investment Management Ltd.	2,202,540	0.69	383,660,443	9/30/2019
UBS Asset Management AG	2,193,974	0.68	382,168,331	9/30/2019
Managed Account Advisors LLC	1,939,513	0.60	337,843,769	9/30/2019
Wellington Management Group LLP	1,908,231	0.59	332,394,758	9/30/2019
JPMorgan Chase & Co.	1,770,830	0.55	308,460,878	9/30/2019

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List of possible reasons behind the infrequent cases where we have total institutional ownership that exceeds 100% of the common shares outstanding for a specific company:

Double-counting - On the 13-F filing, each institutional holder must report all securities over which they exercise sole or shared investment discretion. In cases where investment discretion is shared by more than one institution, care is generally taken to prevent double-counting, but there is always the exception. Another cause of double-counting is a company name change for the 13F filer where the holdings are accounted for under both filer names.

Short Interest - A large short interest amount affects the institutional ownership amount considerably because all shares that have been sold short appear as holdings in two separate portfolios. One institution has lent its shares to a short seller, while the same shares have been purchased by another reporting institution. Consequently, the institutional ownership percentage reflected in the 13-F filings is overstated as a percentage of total shares outstanding.

A gap between 'as of' dates - In the case where gaps between the 'as of' dates of the holdings and the shares outstanding arise, the percentage owned could be skewed due to a sharp increase/decrease in shares out. Again, this case doesn’t come up very often but the results are unavoidable.

Other possible reasons: a) An overlap occurs amongst reporting institutions; b) The 13F filing includes holdings other than common stock issues; c) Mutual fund money is co-advised and incorrectly reported by multiple institutions.