7/15/2013

Dodge & Cox's Latest Dividend Stock Buys And Income Holdings

Dodge & Cox fund investing strategies originally published at long-term-investments.blogspot.com. The Dodge & Cox fund is a real equity based investment vehicle with around USD 81.3 billion in assets under management.

The investment firm was founded in 1930, by Van Duyn Dodge and E. Morris Cox. With this long history in background, there is also a long performance review available. 

Over the recent years, the fund’s performance suffered a bit. There was a small underperformance of 2.7 percent over the recent three years and 9.2 percent over the past five years. The excess gain to the S&P 500 over the longer term was also small with up to 2.9 percent at the peak (15 years).

They own in total 163 companies of which two were recently new in the fund. Kraft Foods Group and Abbvie are the two names.

Dodge & Cox have a real focus on financial, healthcare and technology stocks. More than half of their funds (59.9 percent) are invested in these three stock categories. The biggest impact on the buy side had the technology sector which is now net 0.7 percentage points bigger compared to the previous quarter.

Dodge & Cox have a dividend focus and they like large capitalized stocks. From their 20 biggest stock buys and sells in Q1/13 pay 17 a solid dividend and 17 have a valuation over USD 10 billion. Hewlett Packard is the biggest holding, worth around USD 4 billion. The latest big stock increases are up 26.03 percent year-to-date.

Here are the latest big dividend stock buys:

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Chevron (NYSE:CVX) has a market capitalization of $240.55 billion. The company employs 62,000 people, generates revenue of $241.909 billion and has a net income of $26.336 billion. The firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $59.975 billion. The EBITDA margin is 24.79 percent (the operating margin is 19.15 percent and the net profit margin 10.89 percent).

Financial Analysis: The total debt represents 5.23 percent of the company’s assets and the total debt in relation to the equity amounts to 8.93 percent. Due to the financial situation, a return on equity of 20.30 percent was realized. Twelve trailing months earnings per share reached a value of $13.23. Last fiscal year, the company paid $3.51 in the form of dividends to shareholders. CVX shares were added by 42.5 percent and had an impact to the full portfolio of .39% 

Market Valuation: Here are the price ratios of the company: The P/E ratio is 9.38, the P/S ratio is 0.99 and the P/B ratio is finally 1.77. The dividend yield amounts to 3.22 percent and the beta ratio has a value of 0.80.

Long-Term Stock Price Chart Of Chevron (CVX)
Long-Term Dividend Payment History of Chevron (CVX)
Long-Term Dividend Yield History of Chevron (CVX)

Microsoft (NASDAQ:MSFT) has a market capitalization of $297.88 billion. The company employs 94,000 people, generates revenue of $73.723 billion and has a net income of $16.978 billion. The firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $30.714 billion. The EBITDA margin is 41.66 percent (the operating margin is 29.92 percent and the net profit margin 23.03 percent).

Financial Analysis: The total debt represents 9.85 percent of the company’s assets and the total debt in relation to the equity amounts to 18.00 percent. Due to the financial situation, a return on equity of 27.51 percent was realized. Twelve trailing months earnings per share reached a value of $1.94. Last fiscal year, the company paid $0.80 in the form of dividends to shareholders. MSFT shares were added by 14.64 percent and had an impact to the full portfolio of .34% 

Market Valuation: Here are the price ratios of the company: The P/E ratio is 18.38, the P/S ratio is 4.04 and the P/B ratio is finally 4.50. The dividend yield amounts to 2.58 percent and the beta ratio has a value of 0.99.

Long-Term Stock Price Chart Of Microsoft (MSFT)
Long-Term Dividend Payment History of Microsoft (MSFT)
Long-Term Dividend Yield History of Microsoft (MSFT)

CIGNA (NYSE:CI) has a market capitalization of $21.69 billion. The company employs 35,800 people, generates revenue of $29.119 billion and has a net income of $1.624 billion. The firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $3.037 billion. The EBITDA margin is 10.43 percent (the operating margin is 8.51 percent and the net profit margin 5.58 percent).

Financial Analysis: The total debt represents 9.65 percent of the company’s assets and the total debt in relation to the equity amounts to 53.10 percent. Due to the financial situation, a return on equity of 18.27 percent was realized. Twelve trailing months earnings per share reached a value of $4.52. Last fiscal year, the company paid $0.04 in the form of dividends to shareholders. CI shares were added by 314.36 percent and had an impact to the full portfolio of .32% 

Market Valuation: Here are the price ratios of the company: The P/E ratio is 16.83, the P/S ratio is 0.74 and the P/B ratio is finally 2.22. The dividend yield amounts to 0.05 percent and the beta ratio has a value of 1.38.

Long-Term Stock Price Chart Of CIGNA (CI)
Long-Term Dividend Payment History of CIGNA (CI)
Long-Term Dividend Yield History of CIGNA (CI)

Take a closer look at the full list of the latest big portfolio transactions from Dodge & Cox and the 20 biggest stock holdings. The average P/E ratio amounts to 19.97 and forward P/E ratio is 14.77. The dividend yield has a value of 1.98 percent. Price to book ratio is 4.42 and price to sales ratio 2.47. The operating margin amounts to 21.37 percent and the beta ratio is 0.97. Stocks from the list have an average debt to equity ratio of 1.44.

These are the 20 biggest stock transactions of Dodge & Cox:

Ticker
Company
Action
Impact 
Change from Average
Comment


Formularbeginn
Formularende




CVX
Chevron Corp
Add
0.39%
7.00%
Add 42.5%
GOOG
Google, Inc.
Add
0.37%
19.00%
Add 39.09%
MSFT
Microsoft Corporatio...
Add
0.34%
29.00%
Add 14.64%
CI
Cigna Corp
Add
0.32%
29.00%
Add 314.36%
S
Sprint Nextel Corp
Add
0.23%
11.00%
Add 9.53%
TWC
Time Warner Cable In...
Add
0.22%
24.00%
Add 13.41%
HPQ
Hewlett-Packard Co
Add
0.21%
41.00%
Add 4.62%
SYMC
Symantec Corp
Add
0.15%
6.00%
Add 8.64%
NOK
Nokia Oyj
Add
0.10%
6.00%
Add 26.06%
MSI
Motorola Solutions, ...
Reduce
N/A
-1.00%
Reduce -26.58%
NTRS
Northern Trust Corpo...
Sold Out
N/A
16.00%
Sold Out
L
Loews Corporation
Reduce
N/A
6.00%
Reduce -20.49%
KRFT
Kraft Foods Group In...
Buy
N/A
18.00%
New holding, 3946 sh.
JW.A
John Wiley & Sons, I...
Sold Out
N/A
13.00%
Sold Out
ABBV
AbbVie Inc
Buy
N/A
22.00%
New holding, 37865 sh.
IPG
Interpublic Group of...
Reduce
N/A
27.00%
Reduce -29.21%
GIS
General Mills, Inc.
Reduce
N/A
16.00%
Reduce -50%
CL
Colgate-Palmolive Co...
Reduce
N/A
6.00%
Reduce -36.36%
CMCSK
Comcast Corp
Reduce
N/A
12.00%
Reduce -32.41%
DUK
Duke Energy Corporat...
Reduce
N/A
3.00%
Reduce -24.07%

Here is the full table with some fundamentals (TTM):

Dodge & Cox Biggest Stock Buys and Sells As of Q1/13 (Click to enlarge)

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These are the biggest stock holdings of Dodge & Cox:

Ticker
Company
Value ($1000)
% Weighting as of Q1/13
Change to previous Quarter
HPQ
Hewlett-Packard Co
3,905,810
4.80%
4.62%
NVS
Novartis AG
3,384,280
4.20%
-1.93%
GSK
GlaxoSmithKline PLC
2,937,390
3.60%
-1.08%
WFC
Wells Fargo & Co
2,778,020
3.40%
-1.75%
COF
Capital One Financial
2,671,030
3.30%
0.11%
CMCSA
Comcast Corp
2,698,840
3.30%
-11.29%
SLB
Schlumberger NV
2,564,120
3.20%
-1.60%
TWX
Time Warner Inc
2,381,560
2.90%
-2.93%
MRK
Merck & Co Inc
2,267,490
2.80%
-2.26%
SNY
Sanofi
2,281,770
2.80%
-3.39%
S
Sprint Corp
2,175,340
2.70%
9.53%
GE
General Electric Co
2,188,490
2.70%
-3%
MSFT
Microsoft Corporation
2,233,520
2.70%
14.64%
NWSA
News Corporation
1,996,880
2.50%
-11.57%
PFE
Pfizer Inc
2,013,260
2.50%
-2.09%
SCHW
Charles Schwab Corp
1,669,010
2.10%
-1.45%
BK
Bank of New York Mellon
1,694,720
2.10%
-2.12%
GS
Goldman Sachs Group Inc
1,703,610
2.10%
-3.66%
FDX
FedEx Corporation
1,704,740
2.10%
-3.17%
TEL
TE Connectivity Ltd
1,509,480
1.90%
-1.17%

Related stock ticker symbols:
DUK, ABBV, KRFT, CVX, GIS, MSFT, SYMC, CL, TWC, HPQ, NTRS, IPG, JW-A, MSI, L, CI, GOOG, NOK, S,

Selected Articles:

*I am long KRFT, GIS, CL. I receive no compensation to write about these specific stocks, sector or theme. I don't plan to increase or decrease positions or obligations within the next 72 hours.

For the other stocks: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I receive no compensation to write about any specific stock, sector or theme.


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