Guru Richard Pzena (Trades, Portfolio), founder and co-chief investment officer of Pzena Investment Management, LLC, made both his reputation and his fortune by focusing on good companies selling at low prices. In the first quarter of 2015, the emphasis in Pzena’s 12 new buys was clearly on technology companies, energy stocks and financial services – but not exclusively.
Pzena acquired 527,165 shares of CVS Health Corp (CVS, Financial), a Rhode Island-based health care company, for an average price of $101.18 per share. The transaction had a 0.3% impact on Pzena’s portfolio.
CVS has a market cap of $113.58 billion and an enterprise value of $125.18 billion. It has a P/E of 24.5, a Price/Book of 3.0 and a Price/Sales of 0.8.
He bought 1,903,275 shares of Telefonica Brasil SA (VIV, Financial), a telecommunications company headquartered in São Paulo, Brazil, for an average price of $17.7 per share. That purchase had a 0.16% impact on his portfolio.
Telefonica Brasil has a market cap of $17.74 billion and an enterprise value of $18.88 billion. It has a P/E of 9.7, a Price/Book of 1.0 and a Price/Sales of 1.5.
Pzena purchased 198,910 shares of ConocoPhillips (COP, Financial), a Houston-based oil and gas company, for an average price of $64.66 per share. That transaction had a 0.07% impact on his portfolio.
ConocoPhillips has a market cap of $82.82 billion and an enterprise value of $102.92 billion. It has a P/E of 16.6, a Price/Book of 1.7 and a Price/Sales of 1.8.
Since selling his stake in Edison International (EUX, Financial), a California-based public utility holding company, in the third quarter of 2012, Pzena has had no shares of EUX in his portfolio – until now. Pzena bought 165,609 shares for an average price of $65.23 per share in the first quarter. That purchase had a 0.06% impact on Pzena’s portfolio.
Edison International has a market cap of $19.77 billion and an enterprise value of $34.25 billion It has a P/E of 11.5, a Price/Book of 2.2 and a Price/Sales 1.5.
Pzena acquired 145,766 shares of StanCorp Financial Group Inc (SFG, Financial), an insurance company based in Portland, Oregon, for an average price of $66.53 per share. The buy had a 0.06% impact on his portfolio.
StanCorp has a market cap of $3.11 billion and an enterprise value of $3.36 billion. It has a P/E of 14.6, a Price/Book of 1.4 and a Price/Sales of 1.1.
He bought 85,125 shares of Cognizant Technology Solutions Corp (CTSH, Financial), a New Jersey-based provider of custom information technology, consulting and business process outsourcing services, for an average price of $58.97 per share. The acquisition had a 0.03% impact on Pzena’s portfolio.
Cognizant has a market cap of $38.52 billion and an enterprise value of $34.97 billion. It has a P/E of 26.3, a Price/Book of 4.6 and a Price/Sales of 3.6.
He purchased 270,225 shares of Genpact Ltd (G, Financial), a business process outsourcing and information technology services company, for an average price of $21.54 per share. The transaction had a 0.03% impact on Pzena’s portfolio.
Genpact has a market cap of $4.99 billion and an enterprise value of $5.32 billion. It has a P/E of 26.8, a Price/Book of 3.7 and a Price/Sales of 2.2.
Pzena procured 592,750 shares of ICICI Bank Ltd (IBN, Financial), a banking and financial services company headquartered in India, for an average price of $11.41 per share. The acquisition had a 0.03% impact on his portfolio.
ICICI has a market cap of $31.03 billion and an enterprise value of $102.67 billion. It has a P/E of 15.4, a Price/Book of 2.2 and a Price/Sales of 3.7.
Pzena acquired 121,878 shares of Infosys Ltd (INFY, Financial), a business consulting, information technology, software engineering and outsourcing services company based in India, for an average price of $35.22 per share. That transaction had a 0.02% impact on the portfolio.
Infosys has a market cap of $35.68 billion and an enterprise value of $32.89 billion. It has a P/E of 18.0, a Price/Book of 4.1 and a Price/Sales of 4.1.
Pzena bought 937,500 shares of OAO Gazprom (OTCPK:OGZPY, Financial), a Moscow-based extractor of natural gas, for an average price of $4.7 per share. The deal had a 0.02% impact on his portfolio.
OAO Gazprom has a market cap of $70.08 billion and an enterprise value of $95.58 billion. It has a P/E of 3.4, a Price/Book of 0.4 and a Price/Sales of 0.6.
He acquired 254,675 shares of Wipro Ltd (WIT), an IT services and consulting company based in India, for an average price of $13.06 per share. The transaction had a 0.02% impact on Pzena’s portfolio.
Wipro has a market cap of $28.35 billion and an enterprise value of $26 billion. It has a P/E of 15.6, a Price/Book of 3.4 and a Price/Sales of 4.0.
Pzena invested in 1,283,343 shares of Key Energy Services Inc (KEG), an oilfield services company from Houston, for an average price of $1.81 per share. The purchase had a 0.01% impact on his portfolio.
Key Energy Services has a market cap of $419.54 million and an enterprise value of $1.16 billion. It has a Price/Book of 0.4 and a Price/Sales of 0.3.
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