Pioneer Investments Adds to Stakes in Hartford Financial Group, Reynolds American

Guru sells stake in Kraft Heinz Company, buys stake in Cognizant

Nov 13, 2015

Pioneer Investments (Trades, Portfolio), which was founded in Boston in 1928, has an extensive portfolio that includes a wide range of holdings. Pioneer made hundreds of transactions in the third quarter, as it does in most quarters, some large, most small by comparison but representing considerable global and market diversity.

Pioneer’s most significant third-quarter transaction was its addition of 3,702,039 shares to its existing stake in Hartford Financial Services Group Inc. (HIG, Financial), a Hartford, Conn.-based investment and insurance company. Pioneer paid an average price of $46.18 per share in a deal that had a 0.71% impact on its portfolio and raised Pioneer’s stake by more than 131%.

Hartford Financial Services Group has a market cap of $18.51 billion and an enterprise value of $19.94 billion. It has a P/E of 11.9, a forward P/E of 10.6, a P/B of 1.1 and a P/S of 1.1. GuruFocus has given Hartford Financial Services Group a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10.

Friday afternoon Hartford Financial Services Group sold for $45.18 per share.

Pioneer raised its stake in Reynolds American Inc. (RAI, Financial), a Winston-Salem, N.C.-based tobacco company, by 158%. Pioneer purchased 3,837,181 shares for an average price of $41.47 per share. The transaction had a 0.71% impact on Pioneer’s portfolio.

Reynolds American has a market cap of $65.1 billion and an enterprise value of $79.83 billion. It has a P/E of 17.2, a forward P/E of 19.9, a P/B of 3.5 and a P/S of 5.5. GuruFocus has given Reynolds American a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

Reynolds American sold for $45.45 per share Friday afternoon.

Pioneer more than doubled its stake in American Electric Power Co. Inc. (AEP, Financial), a Columbus, Ohio-based electric utility, purchasing 2,813,339 shares for an average price of $55.49 per share. The deal had a 0.67% impact on Pioneer’s portfolio.

American Electric Power has a market cap of $27.07 billion and an enterprise value of $46.81 billion. It has a P/E of 15.3, a forward P/E of 14.8, a P/B of 1.6 and a P/S of 1.6. GuruFocus has given American Electric Power a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.

Pioneer Investments (Trades, Portfolio) is American Electric Power’s leading shareholder among the gurus. Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), David Dreman (Trades, Portfolio) and John Hussman (Trades, Portfolio) have shares of American Electric Power in their portfolios.

Friday afternoon American Electric Power sold for $54.99 per share.

Pioneer reduced its stake in United Technologies Corp. (UTX, Financial), a Hartford, Conn.-based conglomerate, by nearly 62% with the sale of 1,633,215 shares for an average price of $97.82 per share. The deal had a -0.68% impact on Pioneer’s portfolio.

United Technologies has a market cap of $85.62 billion and an enterprise value of $104.36 billion. It has a P/E of 14.9, a forward P/E of 14.8, a P/B of 2.7 and a P/S of 1.3. GuruFocus has given United Technologies a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

United Technologies sold for $96.51 Friday afternoon.

Pioneer reduced its stake in Mallinckrodt PLC (MNK, Financial), an Irish pharmaceutical company, by more than 83%. Pioneer sold 1,124,159 shares for an average price of $99.47 per share. The transaction had a -0.49% impact on Pioneer’s portfolio.

Mallinckrodt has a market cap of $6.71 billion and an enterprise value of $11.92 billion. It has a forward P/E of 12.6, a P/B of 1.3 and a P/S of 1.8. GuruFocus has given Mallinckrodt a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.

John Paulson (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), John Hussman (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Mallinckrodt in their portfolios.

Friday afternoon Mallinckrodt sold for $57.55 per share.

Pioneer sold its 2,583,348-share stake in Eaton Corp. PLC (ETN, Financial), an Irish power management company with offices in Dublin and Cleveland, Ohio, for an average price of $59.05 per share. The deal had a -0.65% impact on Pioneer’s portfolio.

Eaton has a market cap of $25.05 billion and an enterprise value of $32.65 billion. It has a P/E of 12.5, a forward P/E of 12, a P/B of 1.6 and a P/S of 1.2. GuruFocus has given Eaton a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

Eaton sold for $54.11 per share Friday afternoon.

Pioneer sold its 1,392,042-share stake in The Kraft Heinz Co. (KHC, Financial), a food processing company with offices in Pittsburgh and Northfield, Ill., for an average price of $75.49 per share. The transaction had a -0.44% impact on Pioneer’s portfolio.

Kraft Heinz has a market cap of $86.03 billion and an enterprise value of $107.05 billion. It has a P/E of 175.5, a forward P/E of 21.9, a P/B of 1.4 and a P/S of 2.6. GuruFocus has given Kraft Heinz a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.

Friday afternoon Kraft Heinz sold for $70.77 per share.

Pioneer bought a 2,198,983-share stake in Cognizant Technology Solutions Corp. (CTSH, Financial), a Teaneck, N.J.-based information technology company, for an average price of $62.77 per share. The deal had a 0.58% impact on Pioneer’s portfolio.

Cognizant has a market cap of $40.07 billion and an enterprise value of $37.1 billion. It has a P/E of 26.6, a forward P/E of 19, a P/B of 4.6 and a P/S of 3.4. GuruFocus has given Cognizant a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

David Rolfe (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Matthews Pacific Tiger Fund (Trades, Portfolio), Jim Simons (Trades, Portfolio), Richard Pzena (Trades, Portfolio), John Hussman (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Ruane Cunniff (Trades, Portfolio) have shares of Cognizant in their portfolios.

Cognizant sold for $65.9 per share Friday afternoon.

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