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Wallace Weitz Buys TGT, MSFT, SWN, CVS, BUD, TXI; Sells SKX, AMTD, ESI

Wallace Weitz just reported his third quarter portfolio. He is in general “upbeat.” He said that stocks are not as cheap as they were a year or two ago, but they are "reasonably" priced. This leaves room for appreciation in line with business value growth. He wrote in his first quarter shareholder letter:

To earn "unreasonably" good returns, we will have to take advantage of market dips. We have to be careful what we cheer for, but it seems pretty likely that something in the news will make investors nervous from time to time. If we can be patient until opportunities arise, then have the courage of our convictions, we should be able to generate good returns over the next several years.

Wallace Weitz buys Target Corp., Microsoft Corp., Southwestern Energy Company, CVS Caremark Corp., Anheuserbusch Inbev Sa/nv, Texas Industries Inc., Liberty Media Corp. Series A, Live Nation Entertainment Inc., Grand Canyon Education Inc., Dell Inc., Interval Leisure Group Inc., Tyco International Ltd. Switzerland, Knology Inc., Coinstar Inc., American Eagle Outfitters, Johnson & Johnson, Tree.com Inc., Apple Inc., sells Liberty Media Corp. Liberty Starz Ser A, Sandridge Energy Inc., ACI Worldwide Inc., Monsanto Company, Cabela's Inc., Iron Mountain, Skechers U.s.a. Inc., Td Ameritrade Holding Corp., Itt Educational Services during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Weitz Wallace R & Co. As of 03/31/2011, Weitz Wallace R & Co owns 74 stocks with a total value of $2.2 billion. These are the details of the buys and sells.

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

This is the sector weightings of his portfolio:

Consumer Services 27.8%
Technology 17%
Industrials 15.1%
Financials 10.8%
Health Care 10%
Oil & Gas 9%
Consumer Goods 3.6%
Basic Materials 1.1%


These are the top 5 holdings of Wallace Weitz

  1. AON Corp. (AON) - 2,338,015 shares, 5.66% of the total portfolio. Shares added by 1.34%
  2. OMNICARE INC. (OCR) - 4,059,353 shares, 5.56% of the total portfolio. Shares reduced by 14.4%
  3. Microsoft Corp. (MSFT) - 4,768,183 shares, 5.53% of the total portfolio. Shares added by 32.11%
  4. Liberty Media Corp. Series A (LINTA) - 7,444,401 shares, 5.46% of the total portfolio. Shares added by 3.88%
  5. REDWOOD TRUST INC. (RWT) - 6,290,696 shares, 4.47% of the total portfolio. Shares reduced by 2.67%


Added: Target Corp. (TGT)

Wallace Weitz added to his holdings in Target Corp. by 5484%. His purchase prices were between $49.16 and $60.77, with an estimated average price of $53.44. The impact to his portfolio due to this purchase was 1.57%. His holdings were 698,000 shares as of 03/31/2011.

Target Corporation operates large-format general merchandise and food discount stores in the United States, which include Target and SuperTarget stores. Target Corp. has a market cap of $34.98 billion; its shares were traded at around $50.47 with a P/E ratio of 12.6 and P/S ratio of 0.5. The dividend yield of Target Corp. stocks is 2%. Target Corp. had an annual average earnings growth of 9.2% over the past 10 years. GuruFocus rated Target Corp. the business predictability rank of 5-star.

Added: Microsoft Corp. (MSFT)

Wallace Weitz added to his holdings in Microsoft Corp. by 32.11%. His purchase prices were between $24.78 and $28.87, with an estimated average price of $27.04. The impact to his portfolio due to this purchase was 1.34%. His holdings were 4,768,183 shares as of 03/31/2011.

Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $215.69 billion; its shares were traded at around $25.67 with a P/E ratio of 10.4 and P/S ratio of 3.5. The dividend yield of Microsoft Corp. stocks is 2.5%. Microsoft Corp. had an annual average earnings growth of 12.6% over the past 10 years. GuruFocus rated Microsoft Corp. the business predictability rank of 3-star.

Added: Southwestern Energy Company (SWN)

Wallace Weitz added to his holdings in Southwestern Energy Company by 237.66%. His purchase prices were between $36.12 and $43.49, with an estimated average price of $38.89. The impact to his portfolio due to this purchase was 1.22%. His holdings were 878,925 shares as of 03/31/2011.

Southwestern Energy Company is an energy company primarily focused on natural gas. Southwestern Energy Company has a market cap of $14.96 billion; its shares were traded at around $43.01 with a P/E ratio of 26.3 and P/S ratio of 5.8. Southwestern Energy Company had an annual average earnings growth of 24.9% over the past 10 years.

Added: Liberty Media Corp. Series A (LINTA)

Wallace Weitz added to his holdings in Liberty Media Corp. Series A by 3.88%. His purchase prices were between $15.35 and $17.44, with an estimated average price of $16.13. The impact to his portfolio due to this purchase was 0.2%. His holdings were 7,444,401 shares as of 03/31/2011.

Liberty Media Corporation owns a broad range of electronic retailing, media, communications and entertainment businesses and investments. Liberty Media Corp. Series A has a market cap of $10.56 billion; its shares were traded at around $18.5 with a P/E ratio of 12.9 and P/S ratio of 1.2.

Added: Grand Canyon Education Inc. (LOPE)

Wallace Weitz added to his holdings in Grand Canyon Education Inc. by 14.76%. His purchase prices were between $14.12 and $20.59, with an estimated average price of $17.19. The impact to his portfolio due to this purchase was 0.2%. His holdings were 2,377,686 shares as of 03/31/2011.

Grand Canyon Education, Inc. is a regionally accredited provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, and healthcare. Grand Canyon Education Inc. has a market cap of $655.3 million; its shares were traded at around $14.32 with a P/E ratio of 13.1 and P/S ratio of 1.7.

Added: Live Nation Entertainment Inc. (LYV)

Wallace Weitz added to his holdings in Live Nation Entertainment Inc. by 14.11%. His purchase prices were between $9.98 and $11.83, with an estimated average price of $10.8. The impact to his portfolio due to this purchase was 0.2%. His holdings were 3,611,300 shares as of 03/31/2011.

Live Nation Entertainment, Inc. is the world's premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. Live Nation Entertainment Inc. has a market cap of $1.94 billion; its shares were traded at around $10.7 with and P/S ratio of 0.4. Live Nation Entertainment Inc. had an annual average earnings growth of 3.7% over the past 5 years.

Added: Dell Inc. (DELL)

Wallace Weitz added to his holdings in Dell Inc. by 4.54%. His purchase prices were between $13.15 and $15.83, with an estimated average price of $14.44. The impact to his portfolio due to this purchase was 0.19%. His holdings were 6,527,169 shares as of 03/31/2011.

Dell Inc. is a premier provider of products and services required for customers worldwide to build their information-technology and Internet infrastructures. Dell Inc. has a market cap of $31.29 billion; its shares were traded at around $16.41 with a P/E ratio of 10.2 and P/S ratio of 0.5. Dell Inc. had an annual average earnings growth of 4.2% over the past 10 years.

Added: Interval Leisure Group Inc. (IILG)

Wallace Weitz added to his holdings in Interval Leisure Group Inc. by 13.78%. His purchase prices were between $14.72 and $17.63, with an estimated average price of $16.18. The impact to his portfolio due to this purchase was 0.15%. His holdings were 1,625,155 shares as of 03/31/2011.

INTERVAL LEISURE GROUP is a provider of membership and leisure services to consumers and business-to-business customers in the vacation industry. Interval Leisure Group Inc. has a market cap of $827.1 million; its shares were traded at around $14.44 with a P/E ratio of 19.2 and P/S ratio of 2.

Added: Tyco International Ltd. Switzerland (TYC)

Wallace Weitz added to his holdings in Tyco International Ltd. Switzerland by 4.06%. His purchase prices were between $41.44 and $47.33, with an estimated average price of $44.78. The impact to his portfolio due to this purchase was 0.1%. His holdings were 1,280,200 shares as of 03/31/2011.

Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems, the world's largest manufacturer, installer, and provider of fire protection systems and electronic security services, has strong leadership positions in disposable medical products, plastics, and adhesives, and is the largest manufacturer of flow control valves. Tyco International Ltd. Switzerland has a market cap of $23.84 billion; its shares were traded at around $50.32 with a P/E ratio of 17.1 and P/S ratio of 1.4. The dividend yield of Tyco International Ltd. Switzerland stocks is 2%.

Added: Knology Inc. (KNOL)

Wallace Weitz added to his holdings in Knology Inc. by 78.45%. His purchase prices were between $12.75 and $16, with an estimated average price of $14.34. The impact to his portfolio due to this purchase was 0.1%. His holdings were 367,260 shares as of 03/31/2011.

Knology is a facilities-based provider of bundled broadband communications services to residential and business customers in the southeastern United States. Knology Inc. has a market cap of $575.9 million; its shares were traded at around $15.42 with a P/E ratio of 19.5 and P/S ratio of 1.3. Knology Inc. had an annual average earnings growth of 18.3% over the past 10 years.

Added: Tree.com Inc. (TREE)

Wallace Weitz added to his holdings in Tree.com Inc. by 61.5%. His purchase prices were between $5.7 and $9.45, with an estimated average price of $7.46. The impact to his portfolio due to this purchase was 0.01%. His holdings were 96,900 shares as of 03/31/2011.

TREE.COM, INC. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans(sm), GetSmart. Tree.com Inc. has a market cap of $56.9 million; its shares were traded at around $5.19 with and P/S ratio of 0.3.

New Purchase: Cvs Caremark Corp. (CVS)

Wallace Weitz initiated holdings in Cvs Caremark Corp.. His purchase prices were between $32.51 and $35.71, with an estimated average price of $33.91. The impact to his portfolio due to this purchase was 1.16%. His holdings were 740,410 shares as of 03/31/2011.

CVS/Caremark is the nation's premier integrated pharmacy services provider, combining one of the nation's pharmaceutical services companies with the country's largest pharmacy chain. Cvs Caremark Corp. has a market cap of $51.29 billion; its shares were traded at around $37.49 with a P/E ratio of 14 and P/S ratio of 0.5. The dividend yield of Cvs Caremark Corp. stocks is 1.3%. Cvs Caremark Corp. had an annual average earnings growth of 13.4% over the past 10 years. GuruFocus rated Cvs Caremark Corp. the business predictability rank of 4.5-star.

New Purchase: Anheuserbusch Inbev Sa/nv (BUD)

Wallace Weitz initiated holdings in Anheuserbusch Inbev Sa/nv. His purchase prices were between $53.9 and $58.68, with an estimated average price of $56.43. The impact to his portfolio due to this purchase was 0.32%. His holdings were 122,500 shares as of 03/31/2011.

Anheuser-Busch Companies is the holding company parent of Anheuser-BuschIncorporated and to a number of subsidiaries that conduct variousother business operations. Anheuserbusch Inbev Sa/nv has a market cap of $95.11 billion; its shares were traded at around $59.25 with a P/E ratio of 18.9 and P/S ratio of 2.6. The dividend yield of Anheuserbusch Inbev Sa/nv stocks is 1.6%.

New Purchase: Texas Industries Inc. (TXI)

Wallace Weitz initiated holdings in Texas Industries Inc.. His purchase prices were between $38.72 and $46.57, with an estimated average price of $41.41. The impact to his portfolio due to this purchase was 0.25%. His holdings were 122,000 shares as of 03/31/2011.

Texas Industries, Inc., is a supplier of construction materials through two business segments: cement, aggregate and concrete products; and structural steel and specialty bar products. Texas Industries Inc. has a market cap of $1.13 billion; its shares were traded at around $40.61 with and P/S ratio of 1.8. The dividend yield of Texas Industries Inc. stocks is 0.8%.

New Purchase: Coinstar Inc. (CSTR)

Wallace Weitz initiated holdings in Coinstar Inc.. His purchase prices were between $38.96 and $57.58, with an estimated average price of $45.48. The impact to his portfolio due to this purchase was 0.08%. His holdings were 36,300 shares as of 03/31/2011.

Coinstar, Inc. operate a national network of self-service coin-counting machines in the U. Coinstar Inc. has a market cap of $1.73 billion; its shares were traded at around $54.23 with a P/E ratio of 24.8 and P/S ratio of 1.2. Coinstar Inc. had an annual average earnings growth of 17% over the past 10 years. GuruFocus rated Coinstar Inc. the business predictability rank of 4-star.

New Purchase: American Eagle Outfitters (AEO)

Wallace Weitz initiated holdings in American Eagle Outfitters. His purchase prices were between $14.02 and $16.18, with an estimated average price of $15.05. The impact to his portfolio due to this purchase was 0.04%. His holdings were 60,000 shares as of 03/31/2011.

American Eagle Outfitters is a specialty retailer of all-American casual apparel, accessories, and footwear for men and women between the ages of 16 and 34. American Eagle Outfitters has a market cap of $2.83 billion; its shares were traded at around $14.55 with a P/E ratio of 14.2 and P/S ratio of 1. The dividend yield of American Eagle Outfitters stocks is 3%. American Eagle Outfitters had an annual average earnings growth of 12.7% over the past 10 years.

New Purchase: Johnson & Johnson (JNJ)

Wallace Weitz initiated holdings in Johnson & Johnson. His purchase prices were between $57.66 and $63.35, with an estimated average price of $60.71. The impact to his portfolio due to this purchase was 0.03%. His holdings were 10,000 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 $180.2 billion; its shares were traded at around $65.76 with a P/E ratio of 13.6 and P/S ratio of 2.9. The dividend yield of Johnson & Johnson stocks is 3.3%. 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.

Reduced: Liberty Media Corp. Liberty Starz Ser A (LSTZA)

Wallace Weitz reduced to his holdings in Liberty Media Corp. Liberty Starz Ser A by 97.13%. His sale prices were between $64.82 and $79.48, with an estimated average price of $71.31. The impact to his portfolio due to this sale was -1.35%. Wallace Weitz still held 10,000 shares as of 03/31/2011.

Liberty Starz Group is a significant operating subsidiary and also a principal reportable segment of Liberty Media Corporation which focuses primarily on video programming, communications businesses, and the direct-to-home satellite distribution business. Liberty Media Corp. Liberty Starz Ser A has a market cap of $3.83 billion; its shares were traded at around $77.95 with a P/E ratio of 19.5 and P/S ratio of 2.9.

Reduced: Sandridge Energy Inc. (SD)

Wallace Weitz reduced to his holdings in Sandridge Energy Inc. by 26.84%. His sale prices were between $7.15 and $12.38, with an estimated average price of $9.16. The impact to his portfolio due to this sale was -1.23%. Wallace Weitz still held 5,730,614 shares as of 03/31/2011.

SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City with its principal focus on exploration and production. Sandridge Energy Inc. has a market cap of $4.49 billion; its shares were traded at around $10.94 with a P/E ratio of 121.6 and P/S ratio of 4.8.

Reduced: Aci Worldwide Inc. (ACIW)

Wallace Weitz reduced to his holdings in Aci Worldwide Inc. by 73.16%. His sale prices were between $25.04 and $32.9, with an estimated average price of $28.81. The impact to his portfolio due to this sale was -0.71%. Wallace Weitz still held 172,700 shares as of 03/31/2011.

Transaction Systems Architects, Inc. develops, markets, installs and supports a broad line of software products and services primarily focused on facilitating electronic payments and electronic commerce. Aci Worldwide Inc. has a market cap of $1.06 billion; its shares were traded at around $31.9595 with a P/E ratio of 34.7 and P/S ratio of 2.6. Aci Worldwide Inc. had an annual average earnings growth of 69.8% over the past 5 years.

Reduced: Monsanto Company (MON)

Wallace Weitz reduced to his holdings in Monsanto Company by 33.75%. His sale prices were between $66.43 and $76.05, with an estimated average price of $71.62. The impact to his portfolio due to this sale was -0.68%. Wallace Weitz still held 404,592 shares as of 03/31/2011.

Monsanto is a global provider of technology-based solutions and agricultural products for growers and downstream customers, such as grain processors and consumers, in the agricultural markets. Monsanto Company has a market cap of $35.62 billion; its shares were traded at around $66.45 with a P/E ratio of 25.4 and P/S ratio of 3.4. The dividend yield of Monsanto Company stocks is 1.7%. Monsanto Company had an annual average earnings growth of 32.5% over the past 10 years.

Reduced: Cabela's Inc. (CAB)

Wallace Weitz reduced to his holdings in Cabela's Inc. by 97.01%. His sale prices were between $21.59 and $31.19, with an estimated average price of $25.18. The impact to his portfolio due to this sale was -0.65%. Wallace Weitz still held 20,000 shares as of 03/31/2011.

Cabelas Inc is the nation's largest direct marketer, and a specialty retailer, of hunting, fishing, camping and related outdoor merchandise. Cabela's Inc. has a market cap of $1.65 billion; its shares were traded at around $24.05 with a P/E ratio of 13.4 and P/S ratio of 0.6. Cabela's Inc. had an annual average earnings growth of 1% over the past 5 years.

Reduced: Iron Mountain (IRM)

Wallace Weitz reduced to his holdings in Iron Mountain by 82.05%. His sale prices were between $24.39 and $31.42, with an estimated average price of $26.51. The impact to his portfolio due to this sale was -0.64%. Wallace Weitz still held 100,000 shares as of 03/31/2011.

Iron Mountain Incorporated is one of the world's largest records and information management services company. Iron Mountain has a market cap of $6.53 billion; its shares were traded at around $32.6 with a P/E ratio of 27.4 and P/S ratio of 2.1. The dividend yield of Iron Mountain stocks is 2.3%. Iron Mountain had an annual average earnings growth of 12.2% over the past 10 years. GuruFocus rated Iron Mountain the business predictability rank of 4-star.

Sold Out: Skechers U.s.a. Inc. (SKX)

Wallace Weitz sold out his holdings in Skechers U.s.a. Inc.. His sale prices were between $18.46 and $23.45, with an estimated average price of $20.62.

Skechers U.S.A., Inc. designs and markets branded contemporary casual, active, rugged and lifestyle footwear for men, women and children. Skechers U.s.a. Inc. has a market cap of $867.4 million; its shares were traded at around $17.99 with a P/E ratio of 9.6 and P/S ratio of 0.4. Skechers U.s.a. Inc. had an annual average earnings growth of 6.4% over the past 5 years.

Sold Out: Td Ameritrade Holding Corp. (AMTD)

Wallace Weitz sold out his holdings in Td Ameritrade Holding Corp.. His sale prices were between $18.79 and $22.49, with an estimated average price of $20.77.

TD Ameritrade Holding Corporation has a servicing self-directed investors through its brokerage subsidiaries. Td Ameritrade Holding Corp. has a market cap of $12.19 billion; its shares were traded at around $21.24 with a P/E ratio of 20.2 and P/S ratio of 4.7. The dividend yield of Td Ameritrade Holding Corp. stocks is 0.9%. Td Ameritrade Holding Corp. had an annual average earnings growth of 2% over the past 5 years.

Sold Out: Itt Educational Services (ESI)

Wallace Weitz sold out his holdings in Itt Educational Services. His sale prices were between $56.48 and $75.85, with an estimated average price of $68.68.

ITT Educational Services, Inc. provides accredited, technology-oriented undergraduate and graduate degree programs through its ITT Technical Institutes and Daniel Webster College to help students develop skills and knowledge for pursuing career opportunities in various fields. Itt Educational Services has a market cap of $2.06 billion; its shares were traded at around $72.74 with a P/E ratio of 6.2 and P/S ratio of 1.2. Itt Educational Services had an annual average earnings growth of 35.5% over the past 10 years. GuruFocus rated Itt Educational Services the business predictability rank of 4.5-star.


Rating: 2.3/5 (7 votes)

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