JOHNSON INVESTMENT COUNSEL INC recently filed their 13F report for the second quarter of 2022, which ended on 2022-06-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Johnson Investment Counsel Inc. is an investment management firm based out of Cincinnati, Ohio. The company was originally established in 1965 by founder Timothy E. Johnson, who is still with the company today acting as its Chairman. Johnson Investment Counsel has grown from its inception to now have additional locations in Dayton and Columbus. The company now operates with 105 employees of which 58 are investment professionals. The firm conducts its research internally in order to make its investment decisions, utilizing a fundamental and quantitative methodology and a bottom up investment approach. Johnson Investment Counsel invests in the public equity and fixed income markets on a global scale, allocating its assets across the value and growth stocks of small to large cap companies and benchmarking its portfolios against the S&P 500 and Russell 3000 indices. The company has over $8.6 billion in total assets under management spread across over 8,300 accounts, all of which are discretionary accounts. Although its total number of accounts has been somewhat volatile in recent years, having once been as high as 9,300, its total assets under management has been increasing, growing significantly from under $4 billion in 2010 to well over twice that amount today. Johnson Investment Counsel invests most heavily in the finance sector, which alone makes up over a third of its total asset allocations, and also invests in the consumer staples, information technology, energy, industrials, consumer discretionary, and health care sectors, among other sectors to a lesser degree, in order of decreasing allocation. In the most recent quarter the company had a turnover rate of approximately 14%. The firm mainly caters to individuals, which alone makes up almost two thirds of its entire client base, and also caters to high net worth individuals, banks and thrifts, investment companies, charities, corporations, and others.
As of the latest 13F report, the guru’s equity portfolio contained 652 stocks valued at a total of $7.05Bil. The top holdings were IVV(6.42%), PG(4.62%), and AAPL(3.93%).
According to GuruFocus data, these were JOHNSON INVESTMENT COUNSEL INC’s top five trades of the quarter.
American Electric Power Co Inc
During the quarter, JOHNSON INVESTMENT COUNSEL INC bought 270,586 shares of NAS:AEP for a total holding of 534,962. The trade had a 0.37% impact on the equity portfolio. During the quarter, the stock traded for an average price of $99.12.
On 08/15/2022, American Electric Power Co Inc traded for a price of $103.73 per share and a market cap of $53.28Bil. The stock has returned 19.12% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, American Electric Power Co Inc has a price-earnings ratio of 20.43, a price-book ratio of 2.23, a price-earnings-to-growth (PEG) ratio of 1.95, a EV-to-Ebitda ratio of 12.41 and a price-sales ratio of 2.94.
The price-to-GF Value ratio is 1.07, earning the stock a GF Value rank of 5.
Carlisle Companies Inc
JOHNSON INVESTMENT COUNSEL INC reduced their investment in NYSE:CSL by 113,159 shares. The trade had a 0.35% impact on the equity portfolio. During the quarter, the stock traded for an average price of $249.02.
On 08/15/2022, Carlisle Companies Inc traded for a price of $314.53 per share and a market cap of $16.27Bil. The stock has returned 52.64% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Carlisle Companies Inc has a price-earnings ratio of 21.75, a price-book ratio of 5.64, a price-earnings-to-growth (PEG) ratio of 1.97, a EV-to-Ebitda ratio of 14.72 and a price-sales ratio of 2.76.
The price-to-GF Value ratio is 1.21, earning the stock a GF Value rank of 3.
Danaher Corp
During the quarter, JOHNSON INVESTMENT COUNSEL INC bought 71,910 shares of NYSE:DHR for a total holding of 497,785. The trade had a 0.26% impact on the equity portfolio. During the quarter, the stock traded for an average price of $260.33.
On 08/15/2022, Danaher Corp traded for a price of $299.44 per share and a market cap of $217.88Bil. The stock has returned -4.70% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Danaher Corp has a price-earnings ratio of 35.28, a price-book ratio of 4.85, a price-earnings-to-growth (PEG) ratio of 1.87, a EV-to-Ebitda ratio of 23.27 and a price-sales ratio of 7.13.
The price-to-GF Value ratio is 0.97, earning the stock a GF Value rank of 6.
McDonald's Corp
During the quarter, JOHNSON INVESTMENT COUNSEL INC bought 74,252 shares of NYSE:MCD for a total holding of 283,120. The trade had a 0.26% impact on the equity portfolio. During the quarter, the stock traded for an average price of $246.29.
On 08/15/2022, McDonald's Corp traded for a price of $264.745 per share and a market cap of $194.92Bil. The stock has returned 13.21% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, McDonald's Corp has a price-earnings ratio of 32.63, a price-earnings-to-growth (PEG) ratio of 6.04, a EV-to-Ebitda ratio of 22.26 and a price-sales ratio of 8.41.
The price-to-GF Value ratio is 1.04, earning the stock a GF Value rank of 5.
Dollar General Corp
JOHNSON INVESTMENT COUNSEL INC reduced their investment in NYSE:DG by 65,334 shares. The trade had a 0.18% impact on the equity portfolio. During the quarter, the stock traded for an average price of $233.26.
On 08/15/2022, Dollar General Corp traded for a price of $252.31 per share and a market cap of $57.22Bil. The stock has returned 7.30% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Dollar General Corp has a price-earnings ratio of 25.85, a price-book ratio of 9.59, a price-earnings-to-growth (PEG) ratio of 1.62, a EV-to-Ebitda ratio of 19.34 and a price-sales ratio of 1.70.
The price-to-GF Value ratio is 1.03, earning the stock a GF Value rank of 5.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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