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Tweedy Browne Q3 Update: Buys BK, DVN, WFC, JNJ, TOT, MMM, HMC

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gurufocus

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Tweedy, Browne is an investment partnership owned by its four managing directors, William H. Browne, John D. Spears, Thomas H. Shrager, and Robert Q. Wyckoff, Jr. The operations of Tweedy, Browne are managed by its management committee consisting of Christopher H. Browne, William H. Browne and John D. Spears. This investment partnership has been recognized by Warren Buffett as Graham-Doddsville Superinvestors.

The firm has been in the investment business for close to 90 years. In the 1920s, Benjamin Graham noticed that the brokerage had many securities trading below their intrinsic value and decided to use Tweedy Browne as his broker. Graham became their prime customer for many decades and Tweedy Browne opened an office next to Graham. It was through Graham that the original partners of the firm developed brokerage relationships with investment legends Walter Schloss and Warren Buffett, and met Tom Knapp, who joined the firm in 1957 from Graham-Newman and led its conversion from broker to investor.

Tweedy Browne Global Value Fund consistently beat its benchmark MSCI EAFE Index since incepted in 1993. The fund averaged 8.36% a year while the benchmark just gained 3.05% a year. Tweedy Brown Value Fund also beat S&P500 in the last 3-, 5-, and 10-year periods.

Tweedy Browne buys more Bank Of New York Mellon, Devon Energy Corp., Wells Fargo & Co., Johnson & Johnson, Total S.a. Ads, 3m Co., Honda Motor Co. Ltd. Ads, Emerson Electric Co., Berkshire Hathaway B, Sysco Corp., sells Transatlantic Holdings Inc., Federated Investors Inc., Sk Telecom Co. Ads, McDonalds Corp., G&K Services Inc., GlaxoSmithkline Plc Ads, Avatar Holdings Inc. during the 3-months ended 09/30/2011, according to the most recent filings of his investment company, Tweedy Browne CO LLC. As of 09/30/2011, Tweedy Browne CO LLC owns 58 stocks with a total value of $2.6 billion. These are the details of the buys and sells.

This is the portfolio chart of Tweedy Browne. 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 Tweedy Browne's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Tweedy+Browne

This is the sector weightings of his portfolio:

Consumer Goods 29.3%
Financials 20.3%
Health Care 15%
Industrials 12.7%
Oil & Gas 10.1%
Consumer Services 6.2%
Telecom 3.5%
Technology 2.2%
Not Assigned 0.5%
Basic Materials 0.3%


These are the top 5 holdings of Tweedy Browne

  1. Philip Morris International (PM) - 5,987,077 shares, 14.4972% of the total portfolio. Shares reduced by 0.28%
  2. Johnson & Johnson (JNJ) - 3,198,841 shares, 7.9084% of the total portfolio. Shares added by 7.55%
  3. ConocoPhillips (COP) - 2,602,112 shares, 6.3958% of the total portfolio. Shares added by 1.42%
  4. CocaCola Femsa S.A.B. De C.V. ADS (KOF) - 1,757,866 shares, 6.0545% of the total portfolio. Shares reduced by 3.94%
  5. Baxter International Inc. (BAX) - 2,714,692 shares, 5.9159% of the total portfolio. Shares reduced by 9.15%


Added: Bank Of New York Mellon (BK)

Tweedy Browne added to their holdings in Bank Of New York Mellon by 103.96%. Their purchase prices were between $18.52 and $26.39, with an estimated average price of $22.12. The impact to their portfolio due to this purchase was 1.16%. Their holdings were 3,157,234 shares as of 09/30/2011.

Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank Of New York Mellon has a market cap of $27.03 billion; its shares were traded at around $21.93 with a P/E ratio of 9.9 and P/S ratio of 2. The dividend yield of Bank Of New York Mellon stocks is 2.3%.

Added: Devon Energy Corp. (DVN)

Tweedy Browne added to their holdings in Devon Energy Corp. by 25.16%. Their purchase prices were between $55.37 and $84.35, with an estimated average price of $70.36. The impact to their portfolio due to this purchase was 0.67%. Their holdings were 1,551,381 shares as of 09/30/2011.

Devon Energy Corporation is an independent energy company engaged primarily in oil and gas exploration, development and production, and in the acquisition of producing properties. Devon Energy Corp. has a market cap of $28.89 billion; its shares were traded at around $69.37 with a P/E ratio of 11.3 and P/S ratio of 2.9. The dividend yield of Devon Energy Corp. stocks is 0.9%.

Added: Wells Fargo & Co. (WFC)

Tweedy Browne added to their holdings in Wells Fargo & Co. by 18%. Their purchase prices were between $22.88 and $29.38, with an estimated average price of $25.85. The impact to their portfolio due to this purchase was 0.62%. Their holdings were 4,336,406 shares as of 09/30/2011.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Co. has a market cap of $140.08 billion; its shares were traded at around $26.53 with a P/E ratio of 9.8 and P/S ratio of 1.5. The dividend yield of Wells Fargo & Co. stocks is 1.8%. Wells Fargo & Co. had an annual average earnings growth of 5.4% over the past 10 years.

Added: Johnson & Johnson (JNJ)

Tweedy Browne added to their holdings in Johnson & Johnson by 7.55%. Their purchase prices were between $60.2 and $67.92, with an estimated average price of $64.79. The impact to their portfolio due to this purchase was 0.56%. Their holdings were 3,198,841 shares as of 09/30/2011.

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 $177.74 billion; its shares were traded at around $64.86 with a P/E ratio of 13.3 and P/S ratio of 2.8. 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: Total S.a. Ads (TOT)

Tweedy Browne added to their holdings in Total S.a. Ads by 575.49%. Their purchase prices were between $41.27 and $57.97, with an estimated average price of $49.44. The impact to their portfolio due to this purchase was 0.32%. Their holdings were 220,480 shares as of 09/30/2011.

Total Fina SA engages in worldwide oil and gas production, other upstream, RM&T and an expanding multi-national specialty chemicals business. Total S.a. Ads has a market cap of $124.57 billion; its shares were traded at around $52.7 with a P/E ratio of 7.4 and P/S ratio of 0.6. The dividend yield of Total S.a. Ads stocks is 6.3%. Total S.a. Ads had an annual average earnings growth of 12.6% over the past 10 years. GuruFocus rated Total S.a. Ads the business predictability rank of 2.5-star.

Added: 3m Co. (MMM)

Tweedy Browne added to their holdings in 3m Co. by 6.79%. Their purchase prices were between $72.9 and $97.97, with an estimated average price of $84.37. The impact to their portfolio due to this purchase was 0.17%. Their holdings were 956,791 shares as of 09/30/2011.

3M Company is a diversified technology company with positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. 3m Co. has a market cap of $58.06 billion; its shares were traded at around $81.83 with a P/E ratio of 14 and P/S ratio of 2.2. The dividend yield of 3m Co. stocks is 2.7%. 3m Co. had an annual average earnings growth of 10.5% over the past 10 years. GuruFocus rated 3m Co. the business predictability rank of 3.5-star.

Added: Honda Motor Co. Ltd. Ads (HMC)

Tweedy Browne added to their holdings in Honda Motor Co. Ltd. Ads by 3.65%. Their purchase prices were between $29.11 and $41.15, with an estimated average price of $34.79. The impact to their portfolio due to this purchase was 0.15%. Their holdings were 3,666,055 shares as of 09/30/2011.

Honda manufactures a wide range of products, including motorcycles, ATVs, generators, marine engines, lawn and garden equipment and automobiles. Honda Motor Co. Ltd. Ads has a market cap of $54.56 billion; its shares were traded at around $30.27 with a P/E ratio of 20 and P/S ratio of 0.5. The dividend yield of Honda Motor Co. Ltd. Ads stocks is 1.7%. Honda Motor Co. Ltd. Ads had an annual average earnings growth of 9.1% over the past 5 years.

Added: Emerson Electric Co. (EMR)

Tweedy Browne added to their holdings in Emerson Electric Co. by 5.83%. Their purchase prices were between $41.89 and $58.15, with an estimated average price of $48.22. The impact to their portfolio due to this purchase was 0.13%. Their holdings were 1,478,278 shares as of 09/30/2011.

Emerson is engaged principally in the worldwide design, manufactureand sale of a broad range of electrical, electromechanical and electronicproducts and systems. Emerson Electric Co. has a market cap of $38.82 billion; its shares were traded at around $52.13 with a P/E ratio of 16.1 and P/S ratio of 1.6. The dividend yield of Emerson Electric Co. stocks is 2.6%. Emerson Electric Co. had an annual average earnings growth of 9.6% over the past 10 years. GuruFocus rated Emerson Electric Co. the business predictability rank of 2.5-star.

Added: Berkshire Hathaway B (BRK.B)

Tweedy Browne added to their holdings in Berkshire Hathaway B by 25.92%. Their purchase prices were between $66 and $77.77, with an estimated average price of $72.28. The impact to their portfolio due to this purchase was 0.11%. Their holdings were 189,133 shares as of 09/30/2011.

Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. Berkshire Hathaway B has a market cap of $193.6 billion; its shares were traded at around $78.16 with and P/S ratio of 1.4. Berkshire Hathaway B had an annual average earnings growth of 18.2% over the past 10 years.

Added: Sysco Corp. (SYY)

Tweedy Browne added to their holdings in Sysco Corp. by 14.75%. Their purchase prices were between $25.87 and $31.55, with an estimated average price of $28.69. The impact to their portfolio due to this purchase was 0.09%. Their holdings were 677,848 shares as of 09/30/2011.

Sysco Corporation is the largest North American distributor of food and food related products to the foodservice or `food-prepared-away-from-home` industry. Sysco Corp. has a market cap of $16.63 billion; its shares were traded at around $28.1 with a P/E ratio of 14.6 and P/S ratio of 0.4. The dividend yield of Sysco Corp. stocks is 3.7%. Sysco Corp. had an annual average earnings growth of 7.1% over the past 10 years. GuruFocus rated Sysco Corp. the business predictability rank of 3.5-star.

Reduced: Federated Investors Inc. (FII)

Tweedy Browne reduced to their holdings in Federated Investors Inc. by 90.89%. Their sale prices were between $16.36 and $24.53, with an estimated average price of $19.31. The impact to their portfolio due to this sale was -1.51%. Tweedy Browne still held 191,883 shares as of 09/30/2011.

Federated Investors, Inc. is a provider of investment management and related financial services. Federated Investors Inc. has a market cap of $1.94 billion; its shares were traded at around $18.62 with a P/E ratio of 11 and P/S ratio of 2.1. The dividend yield of Federated Investors Inc. stocks is 5.2%. Federated Investors Inc. had an annual average earnings growth of 1% over the past 10 years.

Reduced: Sk Telecom Co. Ads (SKM)

Tweedy Browne reduced to their holdings in Sk Telecom Co. Ads by 23.48%. Their sale prices were between $13.47 and $18.65, with an estimated average price of $15.4. The impact to their portfolio due to this sale was -1.03%. Tweedy Browne still held 5,466,581 shares as of 09/30/2011.

SK Telecom Co. is the world's first commercial CDMA digital cellular service. Sk Telecom Co. Ads has a market cap of $9.63 billion; its shares were traded at around $15.03 with and P/S ratio of 0.7. The dividend yield of Sk Telecom Co. Ads stocks is 4.8%. Sk Telecom Co. Ads had an annual average earnings growth of 8.3% over the past 10 years.

Reduced: Mcdonalds Corp. (MCD)

Tweedy Browne reduced to their holdings in Mcdonalds Corp. by 31.89%. Their sale prices were between $82.11 and $90.79, with an estimated average price of $87.22. The impact to their portfolio due to this sale was -0.08%. Tweedy Browne still held 61,716 shares as of 09/30/2011.

McDonald's Corporation develops, operates, franchises and services a worldwide system of restaurants that prepare, assemble, package and sell a limited menu of value-priced foods. Mcdonalds Corp. has a market cap of $97.6 billion; its shares were traded at around $94.6 with a P/E ratio of 18.5 and P/S ratio of 4.1. The dividend yield of Mcdonalds Corp. stocks is 2.6%. Mcdonalds Corp. had an annual average earnings growth of 17.6% over the past 10 years. GuruFocus rated Mcdonalds Corp. the business predictability rank of 4-star.

Reduced: Glaxosmithkline Plc Ads (GSK)

Tweedy Browne reduced to their holdings in Glaxosmithkline Plc Ads by 20.57%. Their sale prices were between $38.84 and $44.91, with an estimated average price of $42.39. The impact to their portfolio due to this sale was -0.05%. Tweedy Browne still held 148,093 shares as of 09/30/2011.

GlaxoSmithKline is one of the world's research based pharmaceutical and healthcare companies and is committed to improving the quality of human life by enabling people to do more, feel better and live longer. Glaxosmithkline Plc Ads has a market cap of $114.86 billion; its shares were traded at around $45.06 with a P/E ratio of 12.4 and P/S ratio of 2.5. The dividend yield of Glaxosmithkline Plc Ads stocks is 4.9%. Glaxosmithkline Plc Ads had an annual average earnings growth of 3.2% over the past 10 years.

Reduced: Avatar Holdings Inc. (AVTR)

Tweedy Browne reduced to their holdings in Avatar Holdings Inc. by 26.8%. Their sale prices were between $8.44 and $16.23, with an estimated average price of $12.21. The impact to their portfolio due to this sale was -0.03%. Tweedy Browne still held 189,778 shares as of 09/30/2011.

Avatar Holdings Inc. and its subsidiaries are engaged in two principal business activities: real estate and water and wastewater utilities operations. Avatar Holdings Inc. has a market cap of $115.5 million; its shares were traded at around $9.1 with and P/S ratio of 2.

Sold Out: Transatlantic Holdings Inc. (TRH)

Tweedy Browne sold out their holdings in Transatlantic Holdings Inc.. Their sale prices were between $44.9 and $52.52, with an estimated average price of $49.76.

Transatlantic Holdings, through its wholly-owned subsidiaries, Transatlantic Reinsurance Company, Trans Re Zurich, and Putnam, offers reinsurance capacity for a full range of property and casualty products on a treaty and facultative basis, directly and through brokers, to insurance and reinsurance companies, in both the domestic and international markets. Transatlantic Holdings Inc. has a market cap of $3.43 billion; its shares were traded at around $54.94 with a P/E ratio of 79.6 and P/S ratio of 0.8. The dividend yield of Transatlantic Holdings Inc. stocks is 1.6%.

Sold Out: G&k Services Inc. (GKSR)

Tweedy Browne sold out their holdings in G&k Services Inc.. Their sale prices were between $25.53 and $36.23, with an estimated average price of $30.14.

G&K Services, Inc. is a market leader in branded identity apparel programs and facility services in the United States, and is the largest such provider in Canada. G&k Services Inc. has a market cap of $569.5 million; its shares were traded at around $30.4 with a P/E ratio of 17.1 and P/S ratio of 0.7. The dividend yield of G&k Services Inc. stocks is 1.7%.

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gurufocus
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