Charles Brandes (Trades, Portfolio) of Brandes Investment bought more than two dozen new stakes in the first quarter, but most were comparatively small investments in companies serving primarily the Northern Hemisphere. His largest transaction was his reduction of a South American stake.
Brandes sold more than 37% of his stake in Petroleo Brasileiro SA Petrobras (PBR.A, Financial), a Brazilian petroleum company. The guru sold 22,297,024 shares for an average price of $3 per share. The transaction had a -1.15% impact on Brandes’ portfolio.
The remaining stake of 37,715,855 shares is 0.58% of the company’s outstanding shares and 2.51% of Brandes’ total assets. Dodge & Cox is the company’s leading shareholder among the gurus with a stake of 197,592,403 shares. The stake is 3.03% of the company’s outstanding shares and 0.66% of Dodge & Cox’s total assets.
Petroleo Brasileiro SA Petrobras has a forward P/E of 3.5, a P/B of 0.7 and a P/S of 0.5. GuruFocus gives Petroleo Brasileiro SA Petrobras a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Petroleo Brasileiro SA Petrobras sold for $5.68 per share Thursday.
Brandes pared his stake in PepsiCo Inc. (PEP, Financial), a beverages and food processing company based in Purchase, New York, by more than 39%. Brandes sold 502,211 shares for an average price of $98.73 per share. The deal had a -0.74% impact on Brandes’ portfolio.
The remaining stake of 781,756 shares is 0.05% of PepsiCo’s outstanding shares and 1.15% of Brandes’ total assets. Donald Yacktman (Trades, Portfolio) is PepsiCo’s leading shareholder among the gurus with a stake of 13,404,933 shares. The stake is 0.93% of PepsiCo’s outstanding shares and 10.69% of Yacktman’s total assets.
PepsiCo has a P/E of 30.3, a forward P/E of 20.7, a P/B of 13.8 and a P/S of 2.5. GuruFocus gives PepsiCo a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
PepsiCo sold for $106.1 per share Thursday.
Brandes cut nearly 83% of his stake in Chesapeake Energy Corp. (CHK, Financial), an Oklahoma City-based petroleum and natural gas company, with the sale of 9,369,048 shares for an average price of $3.52 per share. The transaction had a -0.61% impact on Brandes’ portfolio.
Carl Icahn (Trades, Portfolio) is Chesapeake’s leading shareholder among the gurus with a stake of 73,050,000 shares. The stake is 10.67% of Chesapeake’s outstanding shares and 1.12% of Icahn’s total assets.
Chesapeake has a forward P/E of 9.4 and a P/S of 0.3. GuruFocus gives Chesapeake a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Chesapeake sold for $4.17 per share Thursday.
Brandes trimmed his stake in Banco Santander (Brasil) SA (BSBR, Financial), a Brazilian financial services company, by more than 38%. Brandes sold 8,251,533 shares for an average price of $3.78 per share. The deal had a -0.47% impact on Brandes’ portfolio.
The remaining stake of 13,249,938 shares is 0.17% of Banco Santander’s outstanding shares and 0.88% of Brandes’ total assets. Brandes is Banco Santander’s leading shareholder among the gurus.
Banco Santander has a P/E of 8.6, a P/B of 1 and a P/S of 3.6. GuruFocus gives Banco Santander a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Banco Santander sold for $5.42 per share Thursday.
Brandes boosted his stake in Sanofi SA (SNY, Financial), a French pharmaceutical company, by nearly 62% with the acquisition of 1,357,894 shares for an average price of $40.17 per share. The transaction had a 0.78% impact on Brandes’ portfolio.
The stake, now 3,556,721 shares, is 0.14% of Sanofi’s outstanding shares and 2.04% of Brandes’ total assets. Dodge & Cox is Sanofi’s leading shareholder among the gurus with a stake of 49,915,073 shares. The stake is 1.91% of Sanofi’s outstanding shares and 2.09% of Dodge & Cox’s total assets.
Sanofi has a P/E of 20.9, a forward P/E of 12.2, a P/B of 1.6 and a P/S of 2.7. GuruFocus gives Sanofi a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
Sanofi sold for $39.24 per share Thursday.
Brandes hiked his stake in Bank of America Corporation (BAC, Financial), a Charlotte, North Carolina-based banking and financial services company, by more than 54%. Brandes purchased 3,207,595 shares for an average price of $13.54 per share. The deal had a 0.62% impact on Brandes’ portfolio.
The stake, now 9,080,201 shares, is 0.09% of Bank of America’s outstanding shares and 1.76% of Brandes’ total assets. Dodge & Cox is Bank of America’s leading shareholder among the gurus with a stake of 187,074,863 shares. The stake is 1.82% of Bank of America’s outstanding shares and 3.09% of Brandes’ total assets.
Bank of America has a P/E of 11.2, a forward P/E of 8.9, a P/B of 0.6 and a P/S of 2. GuruFocus gives Bank of America a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Bank of America sold for $14.14 per share Thursday.
Brandes raised his stake in Cemex SAB de CV (CX, Financial), a Mexican building materials company, by nearly 17% with the acquisition of 5,811,202 shares for an average price of $5.12 per share. The transaction had a 0.58% impact on Brandes’ portfolio.
Dodge & Cox is Cemex’s leading shareholder among the gurus with a stake of 44,893,819 shares. The stake is 3.21% of Cemex’s outstanding shares and 0.24% of Dodge & Cox’s total assets.
Cemex has a P/E of 33.2, a forward P/E of 15.7, a P/B of 1.2 and a P/S of 0.8. GuruFocus gives Cemex a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Cemex sold for $6.84 per share Thursday.
Brandes increased his stake in Credit Suisse Group AG (CS, Financial), a financial services company based in Zurich, by nearly 89%. Brandes purchased 2,618,181 shares for an average price of $15.99 per share. The deal had a 0.53% impact on Brandes’ portfolio.
Ken Fisher (Trades, Portfolio) is Credit Suisse’s leading shareholder among the gurus with a stake of 10,069,910 shares. The stake is 0.52% of Credit Suisse’s outstanding shares and 0.3% of Fisher’s total assets.
Credit Suisse has a forward P/E of 11.3, a P/B of 0.6 and a P/S of 1.1. GuruFocus gives Credit Suisse a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.
Credit Suisse sold for $13.14 per share Thursday.
Brandes boosted his stake in Total SA (TOT, Financial), a French oil and gas company, by nearly 921% with the acquisition of 610,410 shares for an average price of $44 per share. The transaction had a 0.4% impact on Brandes’ portfolio.
The stake, now 676,703 shares, is 0.03% of Total’s outstanding shares and 0.44% of Brandes’ total assets. T Rowe Price Equity Income Fund (Trades, Portfolio) is Total’s leading shareholder among the gurus with a stake of 3,259,689 shares. The stake is 0.14% of Total’s outstanding shares and 0.7% of the fund’s total assets.
Total has a P/E of 28.9, a forward P/E of 10.2, a P/B of 1.2 and a P/S of 0.8. GuruFocus gives Total a Financial Strength rating of 5/10 and a Profitability and Growth rating of 7/10.
Total sold for $49.04 per share Thursday.
Brandes sold his 1,622,993-share stake in OmniVision Technologies Inc. (OVTI, Financial), a Santa Clara, California-based semiconductor company, for an average price of $28.76 per share. The divestiture had a -0.69% impact on Brandes’ portfolio.
OmniVision’s leading shareholder among the gurus is now Joel Greenblatt (Trades, Portfolio) with a stake of 94,364 shares. The stake is 0.16% of OmniVision’s outstanding shares and 0.03% of Greenblatt’s total assets.
OmniVision has a P/E of 33.8, a forward P/E of 17.6, a P/B of 1.5 and a P/S of 1.4. GuruFocus gives OmniVision a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
OmniVision sold for $29.38 per share Thursday.
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