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T. Rowe Price Equity Income Fund Buys CLX, HRS, PEP, AVP, PNC, JNJ, Sells PCG, EBAY, ETN, BEC, MI

T. Rowe PriceEquity Income Fund is run by the firm’s CIO, Brian Rogers. The fund's objective is to provide substantial dividend income as well as long-term capital appreciation through investments in common stocks of established companies. With more than $21 billion under management, Brian Rogers buys large companies mainly. These are the details of the buys and sells during the first quarter of 2011.

Brian Rogers has been optimistic with his outlook. He wrote in his last shareholder letter: “…there is a lot of cash still on the sidelines, and as a result we are starting to see corporations begin to participate in share repurchases and raise their dividends. Overall, most economic indicators point to continued growth, albeit at a slightly slower rate than some had expected given the magnitude of the downturn.”

Brian Rogers buys Clorox Company, Harris Corp., Pepsico Inc., Avon Products Inc., PNC Financial Services Group, Johnson & Johnson, Constellation Energy Grp., Computer Sciences Corp., Expedia Inc., Conagra Foods Inc., Campbell Soup Company, Merck & Co. Inc., Allstate Corp., Amgen Inc., Staples Inc., Exelon Corp., Entergy Corp., Suntrust Banks Inc., sells Pg&e Corp, Ebay Inc., Beckman Coulter Inc., Eaton Corp., Tiffany & Co., E.i. Du Pont De Nemours And Co., General Motors Company, Analog Devices Inc., Marshall & Ilsley Corp., Marriott Intl Inc., Nrg Energy Inc. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, T Rowe Price Equity Income Fund. As of 03/31/2011, T Rowe Price Equity Income Fund owns 124 stocks with a total value of $21.1 billion. These are the details of the buys and sells.

This is the portfolio chart of Brian Rogers. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Brian Rogers's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Brian+Rogers

This is the sector weightings of his portfolio:

Financials 17.5%
Industrials 11.4%
Oil & Gas 10.8%
Consumer Goods 9.4%
Utilities 8.3%
Consumer Services 8.3%
Technology 5.9%
Health Care 5.4%
Basic Materials 4.3%
Telecommunications 4%


These are the top 5 holdings of Brian Rogers

  1. CHEVRON Corp. (CVX) - 5,866,000 shares, 2.99% of the total portfolio. Shares reduced by 0.29%
  2. JP Morgan Chase (JPM) - 13,581,200 shares, 2.97% of the total portfolio. Shares reduced by 0.29%
  3. GENERAL ELECTRIC (GE) - 28,386,500 shares, 2.7% of the total portfolio. Shares reduced by 0.29%
  4. EXXON MOBIL Corp. (XOM) - 6,064,200 shares, 2.42% of the total portfolio. Shares reduced by 0.29%
  5. ROYAL DUTCH SHELL PLC (RDS.A) - 5,819,200 shares, 2.01% of the total portfolio. Shares reduced by 0.29%


Added: Clorox Company (CLX)

Brian Rogers added to his holdings in Clorox Company by 1279.54%. His purchase prices were between $61.57 and $71.26, with an estimated average price of $66.11. The impact to his portfolio due to this purchase was 1.06%. His holdings were 3,439,200 shares as of 03/31/2011.

Clorox Company's business operations, represented by the aggregate of its U. Clorox Company has a market cap of $9.58 billion; its shares were traded at around $69.64 with a P/E ratio of 16.8 and P/S ratio of 1.7. The dividend yield of Clorox Company stocks is 3.1%. Clorox Company had an annual average earnings growth of 11.6% over the past 10 years. GuruFocus rated Clorox Company the business predictability rank of 5-star.

Added: Johnson & Johnson (JNJ)

Brian Rogers added to his holdings in Johnson & Johnson by 32.51%. His purchase prices were between $57.66 and $63.35, with an estimated average price of $60.73. The impact to his portfolio due to this purchase was 0.32%. His holdings were 4,633,000 shares as of 03/31/2011.

Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $164.47 billion; its shares were traded at around $60.02 with a P/E ratio of 12.6 and P/S ratio of 2.7. The dividend yield of Johnson & Johnson stocks is 3.6%. Johnson & Johnson had an annual average earnings growth of 9.3% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4-star.

Added: Constellation Energy Grp. (CEG)

Brian Rogers added to his holdings in Constellation Energy Grp. by 60.85%. His purchase prices were between $29.95 and $32.98, with an estimated average price of $31.42. The impact to his portfolio due to this purchase was 0.3%. His holdings were 5,385,900 shares as of 03/31/2011.

Baltimore Gas and Electric Company consists primarily of generating, purchasing, and selling electricity and purchasing, transporting, and selling natural gas. Constellation Energy Grp. has a market cap of $6.62 billion; its shares were traded at around $33.12 with a P/E ratio of 10.8 and P/S ratio of 0.5. The dividend yield of Constellation Energy Grp. stocks is 2.9%.

Added: Computer Sciences Corp. (CSC)

Brian Rogers added to his holdings in Computer Sciences Corp. by 38.77%. His purchase prices were between $45.79 and $56.54, with an estimated average price of $50.21. The impact to his portfolio due to this purchase was 0.28%. His holdings were 4,428,300 shares as of 03/31/2011.

Computer Sciences Corp. offers a broad array of professional services to clients in the global commercial and government markets and specializes in the application of advanced and complex I/T to achieve its customers' strategic objectives. Computer Sciences Corp. has a market cap of $7.7 billion; its shares were traded at around $49.63 with a P/E ratio of 9.3 and P/S ratio of 0.5. The dividend yield of Computer Sciences Corp. stocks is 1.6%. Computer Sciences Corp. had an annual average earnings growth of 8.7% over the past 10 years. GuruFocus rated Computer Sciences Corp. the business predictability rank of 4.5-star.

Added: ConAgra Foods Inc. (CAG)

Brian Rogers added to his holdings in Conagra Foods Inc. by 67.4%. His purchase prices were between $22.33 and $23.85, with an estimated average price of $22.97. The impact to his portfolio due to this purchase was 0.25%. His holdings were 5,424,800 shares as of 03/31/2011.

ConAgra Foods has transformed itself into an industry-leading, branded, and value-added food company. Conagra Foods Inc. has a market cap of $10.53 billion; its shares were traded at around $24.16 with a P/E ratio of 14.4 and P/S ratio of 0.9. The dividend yield of Conagra Foods Inc. stocks is 3.8%. Conagra Foods Inc. had an annual average earnings growth of 4.8% over the past 5 years.

Added: Campbell Soup Company (CPB)

Brian Rogers added to his holdings in Campbell Soup Company by 48.71%. His purchase prices were between $33.22 and $35.32, with an estimated average price of $34.18. The impact to his portfolio due to this purchase was 0.19%. His holdings were 3,632,900 shares as of 03/31/2011.

Campbell Soup Company, together with its consolidated subsidiaries, is a global manufacturer and marketer of high quality, branded convenience food products. Campbell Soup Company has a market cap of $10.82 billion; its shares were traded at around $33.79 with a P/E ratio of 14.2 and P/S ratio of 1.4. The dividend yield of Campbell Soup Company stocks is 3.5%. Campbell Soup Company had an annual average earnings growth of 3% over the past 10 years.

Added: Merck & Co. Inc. (MRK)

Brian Rogers added to his holdings in Merck & Co. Inc. by 20.63%. His purchase prices were between $31.08 and $37.35, with an estimated average price of $33.55. The impact to his portfolio due to this purchase was 0.18%. His holdings were 6,625,700 shares as of 03/31/2011.

Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Merck & Co. Inc. has a market cap of $104.39 billion; its shares were traded at around $33.86 with a P/E ratio of 9.9 and P/S ratio of 2.3. The dividend yield of Merck & Co. Inc. stocks is 4.4%.

Added: Allstate Corp. (ALL)

Brian Rogers added to his holdings in Allstate Corp. by 22.73%. His purchase prices were between $30.58 and $32.56, with an estimated average price of $31.48. The impact to his portfolio due to this purchase was 0.17%. His holdings were 6,118,600 shares as of 03/31/2011.

Allstate Corporation's business is conducted principally throughAllstate Insurance Company, Allstate Life Insurance Company and theirsubsidiaries. Allstate Corp. has a market cap of $16.63 billion; its shares were traded at around $31.4 with a P/E ratio of 11.1 and P/S ratio of 0.5. The dividend yield of Allstate Corp. stocks is 2.7%. Allstate Corp. had an annual average earnings growth of 3.5% over the past 10 years.

Added: Amgen Inc. (AMGN)

Brian Rogers added to his holdings in Amgen Inc. by 30.83%. His purchase prices were between $50.95 and $57.31, with an estimated average price of $54.34. The impact to his portfolio due to this purchase was 0.14%. His holdings were 2,308,400 shares as of 03/31/2011.

Amgen Inc. discovers, develops and delivers innovative human therapeutics. Amgen Inc. has a market cap of $51.13 billion; its shares were traded at around $54.83 with a P/E ratio of 10.8 and P/S ratio of 3.4. Amgen Inc. had an annual average earnings growth of 16.4% over the past 10 years. GuruFocus rated Amgen Inc. the business predictability rank of 3-star.

Added: Exelon Corp. (EXC)

Brian Rogers added to his holdings in Exelon Corp. by 11.2%. His purchase prices were between $39.95 and $43.4, with an estimated average price of $41.98. The impact to his portfolio due to this purchase was 0.11%. His holdings were 5,806,400 shares as of 03/31/2011.

Exelon Corporation is a utility holding company. Its subsidiaries are engaged principally in the production, purchase, transmission, distribution and sale of electricity to residential, commercial, industrial and wholesale customers and the distribution and sale of natural gas to residential, commercial and industrial customers. Exelon Corp. has a market cap of $26.62 billion; its shares were traded at around $40.2 with a P/E ratio of 10.2 and P/S ratio of 1.4. The dividend yield of Exelon Corp. stocks is 5.3%. Exelon Corp. had an annual average earnings growth of 10.2% over the past 10 years. GuruFocus rated Exelon Corp. the business predictability rank of 2.5-star.

Added: Suntrust Banks Inc. (STI)

Brian Rogers added to his holdings in Suntrust Banks Inc. by 13.09%. His purchase prices were between $27.97 and $32.53, with an estimated average price of $29.83. The impact to his portfolio due to this purchase was 0.09%. His holdings were 5,815,700 shares as of 03/31/2011.

SunTrust Banks, Inc. is a commercial banking organization. Suntrust Banks Inc. has a market cap of $15.1 billion; its shares were traded at around $28.19 with and P/S ratio of 1.6. The dividend yield of Suntrust Banks Inc. stocks is 0.1%.

Added: Entergy Corp. (ETR)

Brian Rogers added to his holdings in Entergy Corp. by 9.5%. His purchase prices were between $65.47 and $74.18, with an estimated average price of $71.28. The impact to his portfolio due to this purchase was 0.09%. His holdings were 3,354,700 shares as of 03/31/2011.

Entergy Corporation engages principally in the following businesses: domestic utility operations, power marketing and trading, global power development, and domestic non-utility nuclear operations. Entergy Corp. has a market cap of $11.76 billion; its shares were traded at around $65.76 with a P/E ratio of 9.2 and P/S ratio of 1. The dividend yield of Entergy Corp. stocks is 5.1%. Entergy Corp. had an annual average earnings growth of 8.2% over the past 10 years. GuruFocus rated Entergy Corp. the business predictability rank of 2.5-star.

New Purchase: Harris Corp. (HRS)

Brian Rogers initiated holdings in Harris Corp.. His purchase prices were between $43.55 and $49.35, with an estimated average price of $47.12. The impact to his portfolio due to this purchase was 1%. His holdings were 4,239,500 shares as of 03/31/2011.

Harris Corporation is an international company focused on communicationsequipment for voice, data and video applications. Harris Corp. has a market cap of $6.4 billion; its shares were traded at around $50.03 with a P/E ratio of 10.1 and P/S ratio of 1.2. The dividend yield of Harris Corp. stocks is 2%. Harris Corp. had an annual average earnings growth of 33.1% over the past 10 years. GuruFocus rated Harris Corp. the business predictability rank of 4.5-star.

New Purchase: Pepsico Inc. (PEP)

Brian Rogers initiated holdings in Pepsico Inc.. His purchase prices were between $62.31 and $66.91, with an estimated average price of $64.58. The impact to his portfolio due to this purchase was 0.99%. His holdings were 3,245,800 shares as of 03/31/2011.

PepsiCo, Inc. consists of: Frito-Lay Company, Pepsi-Cola Company, and Tropicana Products. Pepsico Inc. has a market cap of $106.75 billion; its shares were traded at around $66.7 with a P/E ratio of 16.2 and P/S ratio of 1.8. The dividend yield of Pepsico Inc. stocks is 2.9%. Pepsico Inc. had an annual average earnings growth of 8.5% over the past 10 years. GuruFocus rated Pepsico Inc. the business predictability rank of 4.5-star.

New Purchase: Avon Products Inc. (AVP)

Brian Rogers initiated holdings in Avon Products Inc.. His purchase prices were between $26.16 and $30.14, with an estimated average price of $28.29. The impact to his portfolio due to this purchase was 0.91%. His holdings were 7,132,400 shares as of 03/31/2011.

Avon Products, Inc. is one of the world's manufacturers and marketers of beauty and related products, which include cosmetics, fragrance and toiletries; beauty plus which consists of jewelry and accessories and apparel; and non-core which consists of gift and decorative and home entertainment products. Avon Products Inc. has a market cap of $12.32 billion; its shares were traded at around $28.21 with a P/E ratio of 15.6 and P/S ratio of 1.1. The dividend yield of Avon Products Inc. stocks is 3.3%. Avon Products Inc. had an annual average earnings growth of 3.2% over the past 10 years. GuruFocus rated Avon Products Inc. the business predictability rank of 3-star.

New Purchase: Pnc Financial Services Group (PNC)

Brian Rogers initiated holdings in Pnc Financial Services Group. His purchase prices were between $59.99 and $64.94, with an estimated average price of $62.05. The impact to his portfolio due to this purchase was 0.64%. His holdings were 2,145,000 shares as of 03/31/2011.

The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations, providing regional banking, corporate banking, real estate finance, asset-based lending, wealth management, asset management and global fund services. Pnc Financial Services Group has a market cap of $32.51 billion; its shares were traded at around $61.87 with a P/E ratio of 11.6 and P/S ratio of 1.9. The dividend yield of Pnc Financial Services Group stocks is 0.6%. Pnc Financial Services Group had an annual average earnings growth of 5.9% over the past 10 years.

New Purchase: Expedia Inc. (EXPE)

Brian Rogers initiated holdings in Expedia Inc.. His purchase prices were between $19.6925 and $27.3, with an estimated average price of $23.39. The impact to his portfolio due to this purchase was 0.26%. His holdings were 2,448,500 shares as of 03/31/2011.

Expedia, Inc. is one of the world's travel services companies. Expedia Inc. has a market cap of $6.48 billion; its shares were traded at around $23.65 with a P/E ratio of 15.5 and P/S ratio of 2. The dividend yield of Expedia Inc. stocks is 1.1%. Expedia Inc. had an annual average earnings growth of 9% over the past 5 years.

New Purchase: Staples Inc. (SPLS)

Brian Rogers initiated holdings in Staples Inc.. His purchase prices were between $19.33 and $23.68, with an estimated average price of $21.68. The impact to his portfolio due to this purchase was 0.14%. His holdings were 1,500,000 shares as of 03/31/2011.

Staples.com is creating a business-to-business electronic marketplace offering a comprehensive solution for all of the officeneeds of business customers. Staples Inc. has a market cap of $14.4 billion; its shares were traded at around $20.02 with a P/E ratio of 15.6 and P/S ratio of 0.6. The dividend yield of Staples Inc. stocks is 2%. Staples Inc. had an annual average earnings growth of 12.2% over the past 10 years. GuruFocus rated Staples Inc. the business predictability rank of 3-star.

Reduced: E.i. Du Pont De Nemours And Co. (DD)

Brian Rogers reduced to his holdings in E.i. Du Pont De Nemours And Co. by 37.94%. His sale prices were between $48.35 and $55.98, with an estimated average price of $52.22. The impact to his portfolio due to this sale was -0.38%. Brian Rogers still held 2,382,900 shares as of 03/31/2011.

E.I. DuPont de Nemours is involved in science and technology in a range of disciplines including high-performance materials, specialty chemicals, pharmaceuticals and biotechnology. E.i. Du Pont De Nemours And Co. has a market cap of $50.13 billion; its shares were traded at around $54.11 with a P/E ratio of 16.4 and P/S ratio of 1.6. The dividend yield of E.i. Du Pont De Nemours And Co. stocks is 3.1%.

Reduced: Tiffany & Co. (TIF)

Brian Rogers reduced to his holdings in Tiffany & Co. by 84.27%. His sale prices were between $56.27 and $64.72, with an estimated average price of $60.72. The impact to his portfolio due to this sale was -0.38%. Brian Rogers still held 250,000 shares as of 03/31/2011.

Tiffany & Co. operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Tiffany & Co. has a market cap of $8.05 billion; its shares were traded at around $63.16 with a P/E ratio of 21.6 and P/S ratio of 2.6. The dividend yield of Tiffany & Co. stocks is 1.6%. Tiffany & Co. had an annual average earnings growth of 6.1% over the past 10 years. GuruFocus rated Tiffany & Co. the business predictability rank of 3.5-star.

Reduced: General Motors Company (GM)

Brian Rogers reduced to his holdings in General Motors Company by 28.27%. His sale prices were between $30.74 and $38.98, with an estimated average price of $35.06. The impact to his portfolio due to this sale was -0.27%. Brian Rogers still held 2,992,550 shares as of 03/31/2011.

General Motors Company is engaged in the designing, manufacturing and retailing of vehicles globally including passenger cars, crossover vehicles, and light trucks, sport utility vehicles, vans and other vehicles. General Motors Company has a market cap of $47.73 billion; its shares were traded at around $30.58 with and P/S ratio of 0.4.

Reduced: Analog Devices Inc. (ADI)

Brian Rogers reduced to his holdings in Analog Devices Inc. by 21.2%. His sale prices were between $36.54 and $41.19, with an estimated average price of $39. The impact to his portfolio due to this sale was -0.21%. Brian Rogers still held 4,135,000 shares as of 03/31/2011.

Analog Devices, Inc. is one of the world leaders in the design, manufacture and marketing of high-performance analog, mixed-signal and digital signal processing integrated circuits used in signal processing applications. Analog Devices Inc. has a market cap of $11.29 billion; its shares were traded at around $37.67 with a P/E ratio of 14.4 and P/S ratio of 4.1. The dividend yield of Analog Devices Inc. stocks is 2.3%. Analog Devices Inc. had an annual average earnings growth of 8.8% over the past 10 years.

Reduced: Marriott Intl Inc. (MAR)

Brian Rogers reduced to his holdings in Marriott Intl Inc. by 25.13%. His sale prices were between $35.3 and $41.99, with an estimated average price of $39.39. The impact to his portfolio due to this sale was -0.17%. Brian Rogers still held 3,005,070 shares as of 03/31/2011.

Marriott International, Inc. operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. Marriott Intl Inc. has a market cap of $12.53 billion; its shares were traded at around $34.06 with a P/E ratio of 29.9 and P/S ratio of 1.1. The dividend yield of Marriott Intl Inc. stocks is 1%.

Reduced: NRG Energy Inc. (NRG)

Brian Rogers reduced to his holdings in Nrg Energy Inc. by 24.19%. His sale prices were between $19.22 and $21.84, with an estimated average price of $20.37. The impact to his portfolio due to this sale was -0.05%. Brian Rogers still held 1,585,800 shares as of 03/31/2011.

NRG Energy Inc owns and operates a diverse portfolio of power-generating facilities, primarily in the United States. Nrg Energy Inc. has a market cap of $5.28 billion; its shares were traded at around $21.34 with a P/E ratio of 11.6 and P/S ratio of 0.6. Nrg Energy Inc. had an annual average earnings growth of 27.3% over the past 10 years. GuruFocus rated Nrg Energy Inc. the business predictability rank of 2.5-star.

Sold Out: PG&E Corp (PCG)

Brian Rogers sold out his holdings in Pg&e Corp. His sale prices were between $42.47 and $47.84, with an estimated average price of $45.88.

PG&E Corporation is an energy-based holding company. Pg&e Corp has a market cap of $17.46 billion; its shares were traded at around $44.06 with a P/E ratio of 12.9 and P/S ratio of 1.3. The dividend yield of Pg&e Corp stocks is 4.1%. Pg&e Corp had an annual average earnings growth of 0.5% over the past 10 years.

Sold Out: Ebay Inc. (EBAY)

Brian Rogers sold out his holdings in Ebay Inc.. His sale prices were between $27.695 and $34.69, with an estimated average price of $31.07.

eBay is one of the world's largest online trading communities. Ebay Inc. has a market cap of $40.03 billion; its shares were traded at around $30.85 with a P/E ratio of 20.6 and P/S ratio of 4.3. Ebay Inc. had an annual average earnings growth of 27.3% over the past 10 years. GuruFocus rated Ebay Inc. the business predictability rank of 2-star.

Sold Out: Eaton Corp. (ETN)

Brian Rogers sold out his holdings in Eaton Corp.. His sale prices were between $50.3 and $110.78, with an estimated average price of $54.07.

Eaton Corporation is a global diversified industrial manufacturer. Eaton Corp. has a market cap of $17.85 billion; its shares were traded at around $52.37 with a P/E ratio of 18.6 and P/S ratio of 1.3. The dividend yield of Eaton Corp. stocks is 2.6%. Eaton Corp. had an annual average earnings growth of 7.1% over the past 10 years.

Sold Out: Beckman Coulter Inc. (BEC)

Brian Rogers sold out his holdings in Beckman Coulter Inc.. His sale prices were between $71.07 and $83.13, with an estimated average price of $78.86.

Beckman Coulter, Inc. simplifies and automates laboratory processes used in all phases of the battle against disease. Beckman Coulter Inc. has a market cap of $5.92 billion; its shares were traded at around $83.01 with a P/E ratio of 21.5 and P/S ratio of 1.6. The dividend yield of Beckman Coulter Inc. stocks is 0.9%. Beckman Coulter Inc. had an annual average earnings growth of 0.3% over the past 10 years.

Sold Out: Marshall & Ilsley Corp. (MI)

Brian Rogers sold out his holdings in Marshall & Ilsley Corp.. His sale prices were between $6.87 and $7.97, with an estimated average price of $7.42.

Marshall & Ilsley Corp. is a diversified financial services corporation. Marshall & Ilsley Corp. has a market cap of $4.23 billion; its shares were traded at around $7.97 with and P/S ratio of 1.7. The dividend yield of Marshall & Ilsley Corp. stocks is 0.5%.


Rating: 3.2/5 (10 votes)

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