WEDGE CAPITAL MANAGEMENT L L P/NC recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
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.
Wedge Capital Management is an investment management company owned by its employees. The company was founded in 1984 by Mike James and two other investment professionals who had previously worked together to manage the common trust funds of a local bank. Wedge International Group originally provided initial venture capital funding to the company, although it would retire that position in 1989 with Wedge Capital Management acting as an independent investment advisory firm ever since. The company would then add a variety of portfolio and product offerings including its Small Cap Value portfolio in 1990 and Core Aggregate Fixed Income product in 1992. Wedge Capital Management would then continue to expand its various offering platforms with more products and portfolios with its most recent being a Mid Cap CIT vehicles and International Small Cap portfolio in 2014. Wedge Capital Management today operates through 8 general partners. The company conducts its research internally and utilizes quantitative and fundamental analysis with a bottom up investment approach to make its asset allocations, benchmarking its performance against the Russell and Barclays Capital indexes. Wedge Capital Management invests most heavily in the finance sector, which alone makes up a quarter of its investments, and also invests in the consumer discretionary, industrials, health care, and information sectors, among others to a lesser degree, in order of decreasing allocation. The company currently has over $11 billion in total asset under management spread across 400 accounts, all of which are discretionary. Although its number of accounts has been decreasing in recent years, its assets under management has been steadily increasing, growing from $7 billion back in 2010 to its current amount. Wedge Capital Management has 35 employees with 31 of them being investment professionals catering to a diverse client base made mainly of pension and profit sharing plans, which alone makes up over a third of its clientele. Wedge Capital Management offers a variety of strategies including its Core, Short Duration, Total Cap Value, and QVM cap strategies.
As of the latest 13F report, the guru’s equity portfolio contained 418 stocks valued at a total of $6.21Bil. The top holdings were TXN(1.17%), DOX(1.08%), and IT(1.02%).
According to GuruFocus data, these were WEDGE CAPITAL MANAGEMENT L L P/NC’s top five trades of the quarter.
Texas Instruments Inc
During the quarter, WEDGE CAPITAL MANAGEMENT L L P/NC bought 323,353 shares of NAS:TXN for a total holding of 407,434. The trade had a 0.85% impact on the equity portfolio. During the quarter, the stock traded for an average price of $167.7.
On 01/17/2023, Texas Instruments Inc traded for a price of $179.01 per share and a market cap of $162.46Bil. The stock has returned -0.24% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Texas Instruments Inc has a price-earnings ratio of 18.76, a price-book ratio of 11.23, a price-earnings-to-growth (PEG) ratio of 1.92, a EV-to-Ebitda ratio of 14.08 and a price-sales ratio of 8.25.
The price-to-GF Value ratio is 0.89, earning the stock a GF Value rank of 7.
Huntington Ingalls Industries Inc
The guru sold out of their 217,263-share investment in NYSE:HII. Previously, the stock had a 0.75% weight in the equity portfolio. Shares traded for an average price of $224.31 during the quarter.
On 01/17/2023, Huntington Ingalls Industries Inc traded for a price of $223.07 per share and a market cap of $8.90Bil. The stock has returned 16.48% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Huntington Ingalls Industries Inc has a price-earnings ratio of 15.52, a price-book ratio of 2.92, a price-earnings-to-growth (PEG) ratio of 5.01, a EV-to-Ebitda ratio of 10.28 and a price-sales ratio of 0.85.
The price-to-GF Value ratio is 0.98, earning the stock a GF Value rank of 5.
Lockheed Martin Corp
The guru sold out of their 105,458-share investment in NYSE:LMT. Previously, the stock had a 0.72% weight in the equity portfolio. Shares traded for an average price of $417.56 during the quarter.
On 01/17/2023, Lockheed Martin Corp traded for a price of $449.83 per share and a market cap of $117.89Bil. The stock has returned 26.30% 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, Lockheed Martin Corp has a price-earnings ratio of 20.65, a price-book ratio of 9.85, a price-earnings-to-growth (PEG) ratio of 1.91, a EV-to-Ebitda ratio of 14.30 and a price-sales ratio of 1.87.
The price-to-GF Value ratio is 1.09, earning the stock a GF Value rank of 3.
Oracle Corp
The guru sold out of their 651,814-share investment in NYSE:ORCL. Previously, the stock had a 0.72% weight in the equity portfolio. Shares traded for an average price of $73.21 during the quarter.
On 01/17/2023, Oracle Corp traded for a price of $89.2 per share and a market cap of $240.51Bil. The stock has returned 3.06% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Oracle Corp has a price-earnings ratio of 27.96, a price-earnings-to-growth (PEG) ratio of 3.68, a EV-to-Ebitda ratio of 18.16 and a price-sales ratio of 5.32.
The price-to-GF Value ratio is 1.04, earning the stock a GF Value rank of 5.
AMN Healthcare Services Inc
The guru established a new position worth 382,381 shares in NYSE:AMN, giving the stock a 0.69% weight in the equity portfolio. Shares traded for an average price of $109.61 during the quarter.
On 01/17/2023, AMN Healthcare Services Inc traded for a price of $103.86 per share and a market cap of $4.50Bil. The stock has returned -2.33% 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, AMN Healthcare Services Inc has a price-earnings ratio of 10.01, a price-book ratio of 3.97, a price-earnings-to-growth (PEG) ratio of 0.65, a EV-to-Ebitda ratio of 6.32 and a price-sales ratio of 0.87.
The price-to-GF Value ratio is 0.70, earning the stock a GF Value rank of 10.
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.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
