Scott Black (Trades, Portfolio), chairman, president, CIO and chief compliance officer at Delphi Management, made his most high-profile transactions in reductions of existing stakes in his portfolio in the fourth quarter.
His most noteworthy transaction was the reduction by nearly 75% of his stake in Berkshire Hathaway (BRK.B, Financial), Warren Buffett (Trades, Portfolio)’s Omaha, Nebraska-based conglomerate. Black sold 105,901 shares for an average price of $134.28 per share. The transaction had a -2.17% impact on Black’s portfolio.
Black’s remaining stake of 35,817 shares is 3.05% of Black’s total assets. Berkshire Hathaway’s leading shareholder among the gurus is Bill Gates (Trades, Portfolio) with a stake of 74,381,548 shares. The stake is 3.03% of the company’s outstanding shares and 58.94% of Gates’ total assets.
Berkshire Hathaway has a P/E of 14.1, a forward P/E of 14.8, a P/B of 1.3 and a P/S of 1.6. GuruFocus gives Berkshire Hathaway a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.
Berkshire Hathaway sold for $137.98 per share Friday.
Black reduced his stake in Tyson Foods Inc. (TSN, Financial), a Springdale, Arkansas-based food processing company, by more than 86%. Black sold 211,474 shares for an average price of $48.26 per share. The deal had a -1.43% impact on Black’s portfolio.
Black’s stake, now 34,246 shares, is 0.01% of the company’s outstanding shares and 1.18% of Black’s total assets. First Eagle Investment (Trades, Portfolio) is Tyson Foods’ leading shareholder among the gurus with a stake of 3,001,695 shares. The stake is 0.83% of the company’s outstanding shares and 0.4% of First Eagle’s total assets.
Tyson Foods has a P/E of 19.3, a forward P/E of 15.7, a P/B of 2.5 and a P/S of 0.7. GuruFocus gives Tyson Foods a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.
Tyson Foods sold for $64.95 per share Friday.
Black sold more than 80% of his stake in Allergan PLC (AGN, Financial), a pharmaceutical company with offices in Dublin and New Jersey. Black sold 30,562 shares for an average price of $298.52 per share. The transaction had a -1.3% impact on Black’s portfolio.
Black’s stake in Allergan, now 7,453 shares, is 1.5% of Black’s total assets. Allergan’s leading shareholder among the gurus is Vanguard Health Care Fund (Trades, Portfolio) with a stake of 10,962,347 shares. The stake is 2.78% of Allergan’s outstanding shares and 6.81% of Vanguard’s total assets.
Allergan has a P/E of 32.5, a forward P/E of 15.1, a P/B of 1.6 and a P/S of 7.1. GuruFocus gives Allergan a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Allergan sold for $288.67 per share Friday.
Black slashed his stake in Magna International Inc. (MGA, Financial), a Canadian auto and truck parts supplier, by more than 86%. Black sold 160,400 shares for an average price of $46.43 per share. The deal had a -1.21% impact on Black’s portfolio.
Black’s remaining stake of 25,745 shares is 0.01% of Magna International’s outstanding shares and 0.67% of Black’s total assets. Magna International’s leading shareholder among the gurus is Jeremy Grantham (Trades, Portfolio) with a stake of 1,507,400 shares in his portfolio. The stake is 0.37% of the company’s outstanding shares and 0.22% of Grantham’s total assets.
Magna International has a P/E of 8.7, a forward P/E of 7, a P/B of 1.8 and a P/S of 0.5. GuruFocus gives Magna International a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Magna International sold for $41.07 per share Friday.
Black sold more than 76% of his stake in AMC Networks Inc. (AMCX, Financial), a New York-based entertainment company. Black sold 103,416 shares for an average price of $76.93 per share. The transaction had a -1.19% impact on Black’s portfolio.
Black’s remaining stake of 31,816 shares is 0.04% of the company’s outstanding shares and 1.53% of Black’s total assets. AMC Networks’ leading shareholder among the gurus is Manning & Napier Advisors Inc. with a stake of 5,948,542 shares. The stake is 8.22% of the company’s outstanding shares and 2.34% of Manning & Napier’s total assets.
AMC Networks has a P/E of 13.3, a forward P/E of 10.2 and a P/S of 1.9. GuruFocus gives AMC Networks a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
AMC Networks sold for $66.6 per share Friday.
Black sold nearly 77% of his stake in Check Point Software Technologies Ltd. (CHKP, Financial), a provider of security software with offices in Israel and California. Black sold 96,082 shares for an average price of $83.01 per share. The deal had a -1.19% impact on Black’s portfolio.
Black’s remaining stake of 29,397 shares is 0.02% of Check Point’s outstanding shares and 1.54% of Black’s total assets. Check Point’s leading shareholder among the gurus is Pioneer Investments (Trades, Portfolio) with a stake of 743,514 shares. The stake is 0.4% of the company’s outstanding shares and 0.23% of Pioneer’s total assets.
Check Point has a P/E of 22.5, a forward P/E of 17.1, a P/B of 4.4 and a P/S of 9.9. GuruFocus gives Check Point a Financial Strength rating of 9/10 with no debt and a Profitability and Growth rating of 9/10.
Check Point sold for $84.35 per share Friday.
Black sold his 44,941-share stake in Precision Castparts Corp. (PCP, Financial), a Portland, Oregon-based subsidiary of Berkshire Hathaway that is engaged in aerospace and defense, for an average price of $231.16 per share. The divestiture had a -1.62% impact on Black’s portfolio.
Precision Castparts’ leading shareholder among the gurus is Ruane Cunniff (Trades, Portfolio) with a stake of 4,732,708 shares. The stake is 3.44% of the company’s outstanding shares and 6.26% of Ruane Cunniff (Trades, Portfolio)’s total assets.
Precision Castparts has a P/E of 24.8, a forward P/E of 17.1, a P/B of 2.8 and a P/S of 3.4. GuruFocus gives Precision Castparts a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
Precision Castparts sold for $234.95 per share Friday.
Black sold his 173,432-share stake in Sanofi SA (SNY, Financial), a French pharmaceutical company, for an average price of $45.91 per share. The transaction had a -1.29% impact on Black’s portfolio.
Sanofi has a P/E of 22.4, a forward P/E of 12.5, a P/B of 1.6 and a P/S of 2.6. GuruFocus gives Sanofi a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Sanofi sold for $39.81 per share Friday.
Black sold his 286,665-share stake in Ingram Micro Inc. (IM, Financial), an electronics company based in Irvine, California, for an average price of $30.33 per share. The deal had a -1.23% impact on Black’s portfolio.
Donald Smith (Trades, Portfolio) is Ingram Micro’s leading shareholder among the gurus with a stake of 5,633,606 shares. The stake is 3.8% of the company’s outstanding shares and 4.5% of Smith’s total assets.
Ingram Micro has a P/E of 26.1, a forward P/E of 10.8, a P/B of 1.4 and a P/S of 0.1. GuruFocus gives Ingram Micro a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.
Ingram Micro sold for $36.53 per share Friday.
Black sold his 70,112-share stake in Cummins Inc. (CMI, Financial), a heavy equipment company based in Columbus, Indiana, for an average price of $99.64 per share. The divestiture had a -1.19% impact on Black’s portfolio.
Cummins’ leading shareholder among the gurus is HOTCHKIS & WILEY with a stake of 5,773,243 shares. The stake is 3.31% of the company’s outstanding shares and 2.06% of HOTCHKIS & WILEY’s total assets.
Cummins has a P/E of 13.1, a forward P/E of 12.4, a P/B of 2.4 and a P/S of 1. GuruFocus gives Cummins a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.
Cummins sold for $102.24 per share Friday.
Black acquired a 47,038-share stake in Lennar Corp. (LEN, Financial), a construction company based in Miami, for an average price of $50.1 per share. The purchase had a 1.48% impact on Black’s portfolio.
The stake is 0.02% of the company’s outstanding shares and 1.48% of Black’s total assets. Ken Heebner (Trades, Portfolio) is Lennar’s leading shareholder among the gurus with a stake of 6,740,000 shares. The stake is 3.19% of Lennar’s outstanding shares and 11.06% of Heebner’s total assets.
Lennar has a P/E of 13.1, a forward P/E of 10.7, a P/B of 1.7 and a P/S of 1.1. GuruFocus gives Lennar a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Lennar sold for $45.38 per share Friday.
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