Richard Pzena (Trades, Portfolio), founder and co-chief investment officer of Pzena Investment Management LLC, bought 10 new stakes in the first quarter, but his largest transactions involved increases of stakes he already had in his portfolio.
In fact, half of Pzena’s top 10 deals were additions to existing stakes. Four of his top 10 deals were reductions, and only one was a new buy.
Pzena boosted his stake in Seagate Technology PLC (STX, Financial), a Cupertino, California-based data storage company, by more than 1,086% with the purchase of 8,977,799 shares. Pzena paid an average price of $32.24 per share in a deal that had a 1.9% impact on his portfolio.
The stake, now 9,804,268 shares, is 3.28% of Seagate’s outstanding shares and 2.07% of Pzena’s total assets. Pzena is Seagate’s leading shareholder among the gurus.
Two other gurus added to their stakes in Seagate in the first quarter.
Seagate has a P/E of 18.7, a forward P/E of 7.2, a P/B of 3.4 and a P/S of 0.5. GuruFocus gives Seagate a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Seagate sold for $19.07 per share Friday.
Pzena hiked his stake in Murphy Oil Corp. (MUR, Financial), a petroleum and natural gas company based in El Dorado, Arkansas, by more than 129%. Pzena bought 6,100,336 shares for an average price of $19.98 per share. The transaction had a 0.94% impact on Pzena’s portfolio.
The stake, now 10,812,354 shares, is 6.29% of Murphy Oil’s outstanding shares and 1.67% of Pzena’s total assets. Pzena is Murphy Oil’s leading shareholder among the gurus.
Murphy Oil has a P/B of 1 and a P/S of 1.8. GuruFocus gives Murphy Oil a Financial Strength rating of 6/10 and a Profitability and Growth rating of 3/10.
Murphy Oil sold for $30.34 per share Friday.
Pzena raised his stake in Voya Financial Inc. (VOYA, Financial), a New York-based financial services company, by more than 56%. The guru acquired 4,168,230 shares for an average price of $30.31 per share. The deal had a 0.76% impact on Pzena’s portfolio.
The stake, now 11,563,391 shares, is 5.55% of Voya’s outstanding shares and 2.11% of Pzena’s total assets. Pzena is Voya’s leading shareholder among the gurus.
Voya has a P/E of 17.9, a forward P/E of 7.7, a P/B of 0.5 and a P/S of 0.6. GuruFocus gives Voya a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10.
Voya sold for $30.19 per share Friday.
Pzena increased his stake in Cenovus Energy Inc. (CVE, Financial), a Canadian oil and natural gas company, by nearly 227%. The guru bought 9,293,002 shares for an average price of $11.95 per share. The transaction had a 0.74% impact on Pzena’s portfolio.
First Eagle Investment (Trades, Portfolio) is Cenovus’ leading shareholder among the gurus with a stake of 25,361,967 shares. The stake is 3.04% of Cenovus’ outstanding shares and 0.84% of First Eagle’s total assets.
Cenovus has a P/E of 13.6, a P/B of 1.3 and a P/S of 1.3. GuruFocus gives Cenovus a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Cenovus sold for $14.77 per share Friday.
Pzena hiked his stake in Morgan Stanley (MS, Financial), a New York-based financial services company, by more than 33%. The guru bought 3,165,465 shares for an average price of $25.59 per share. The acquisition had a 0.49% impact on Pzena’s portfolio.
The stake, now 12,649,083 shares, is 0.65% of Morgan Stanley’s outstanding shares and 1.94% of Pzena’s total assets. Pzena is Morgan Stanley’s leading shareholder among the gurus.
Three other gurus added to their positions in Morgan Stanley in the first quarter.
Morgan Stanley has a P/E of 11.6, a forward P/E of 8.9, a P/B of 0.8 and a P/S of 1.6. GuruFocus gives Morgan Stanley a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Morgan Stanley sold for $26.25 per share Friday.
Pzena’s second-largest transaction of the quarter was his reduction of his stake in Microsoft (MSFT, Financial), a Redmond, Washington-based technology company, by more than 44%. Pzena sold 3,244,106 shares for an average price of $52.42 per share. The deal had a -1.11% impact on the guru’s portfolio.
The remaining stake of 4,104,570 shares is 0.05% of Microsoft’s outstanding shares and 1.39% of Pzena’s total assets. Dodge & Cox is Microsoft’s leading shareholder with a stake of 66,559,905 shares. The stake is 0.85% of Microsoft’s outstanding shares and 3.62% of Dodge & Cox’s total assets.
Eleven other gurus traded in Microsoft in the first quarter. Seven also reduced their stakes, and the other four added to theirs.
Microsoft has a P/E of 40, a forward P/E of 16.7, a P/B of 5.3 and a P/S of 4.7. GuruFocus gives Microsoft a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Microsoft sold for $50.39 per share Friday.
Pzena trimmed his stake in Willis Towers Watson PLC (WLTW, Financial), a risk management, insurance brokerage and financial advisory company based in Arlington, Virginia, by nearly 40%. Pzena sold 822,956 shares for an average price of $115.19 per share. The transaction had a -0.65% impact on his portfolio.
The stake, now 1,251,011 shares, is 0.91% of Willis Towers Watson’s outstanding shares and 0.91% of Pzena’s total assets. Jeff Ubben (Trades, Portfolio) is Willis Towers Watson’s leading shareholder among the gurus with a stake of 6,955,016 shares. The stake is 5.03% of Willis Towers Watson’s outstanding shares and 6.19% of Ubben’s total assets.
Three other gurus were active in Willis Towers Watson in the first quarter. One reduced an existing stake, one added to an existing stake, and the third bought a new stake in the company.
Willis Towers Watson has a P/E of 22.5, a forward P/E of 13.2, a P/B of 3.7 and a P/S of 2.1. GuruFocus gives Willis Towers Watson a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Willis Towers Watson sold for $121.56 per share Friday.
Pzena pared his stake in Baxalta Inc. (BXLT, Financial), a biopharmaceutical company, by more than 64% with the sale of 2,316,266 shares for an average price of $39.55 per share. The deal had a -0.56% impact on Pzena’s portfolio.
The remaining stake of 1,277,007 shares is 0.19% of Baxalta’s outstanding shares and 0.32% of Pzena’s total assets. Baxalta’s leading shareholder among the gurus is Diamond Hill Capital (Trades, Portfolio) with a stake of 3,289,047 shares. The stake is 0.48% of Baxalta’s outstanding shares and 0.85% of Pzena’s total assets.
Three other gurus were active in Baxalta in the first quarter. Two reduced their stakes, the third added to his.
Baxalta has a P/E of 34, a forward P/E of 15.6, a P/B of 7.1 and a P/S of 4.6. GuruFocus gives Baxalta a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Baxalta sold for $41.17 per share Friday.
Pzena sliced his stake in ExxonMobil Corp. (XOM, Financial), an oil and gas company based in Irving, Texas, by almost 18%. The guru sold 1,092,023 shares for an average price of $80.03 per share. The transaction had a -0.53% impact on Pzena’s portfolio.
The remaining stake of 4,980,581 shares is 0.12% of ExxonMobil’s outstanding shares and 2.56% of Pzena’s total assets. T Rowe Price Equity Income Fund (Trades, Portfolio) is ExxonMobil’s leading shareholder among the gurus with a stake of 6,494,500 shares. The stake is 0.16% of ExxonMobil’s outstanding shares and 2.55% of the guru’s total assets.
Five other gurus reduced their stakes in the first quarter, and one guru raised his stake.
ExxonMobil has a P/E of 28.5, a forward P/E of 22.2, a P/B of 2.2 and a P/S of 1.5. GuruFocus gives ExxonMobil a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
ExxonMobil sold for $88.51 per share Friday.
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