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Richard Pzena Curbs Cigna, Abbott Labs, Bank of America Stakes

Guru's 8 largest 2nd-quarter sells

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Aug 08, 2017
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Richard Pzena (Trades, Portfolio), founder and co-chief investment officer of Pzena Investment Management, sold shares of the following stocks during the second quarter:

Pzena reduced his DXC Technology Co. (DXC) position by 88.50%, impacting the portfolio by -0.58%.

The IT services company provides information technology and consulting services to enterprise clients.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity (ROE) of -6.90% and return on assets (ROA) of -1.45% are underperforming 73% of companies in the Global Information Technology Services industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.43 is below the industry median of 7.63.

The largest shareholder among the gurus is Dodge & Cox with 6.35% of outstanding shares, followed by

Larry Robbins (Trades, Portfolio) with 2.92%, PRIMECAP Management (Trades, Portfolio) with 1.83%, Hotchkis & Wiley with 1.52%, Jana Partners (Trades, Portfolio) with 0.95% and Lee Ainslie (Trades, Portfolio) with 0.92%.

The guru also reduced his Cigna Corp. (

CI, Financial) stake by 20.97% with an impact of -0.39% on the portfolio.

The company operates in the health care industry, providing medical, dental, disability, life and accident insurance products.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 14.32% and ROA of 3.25% are underperforming 68% of companies in the Global Health Care Plans industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.87 is below the industry median of 1.38.

Dodge & Cox is the company's largest guru shareholder with 5.62% of outstanding shares, followed by the 

Vanguard Health Care Fund (Trades, Portfolio) with 2.69%, Larry Robbins (Trades, Portfolio) with 1.92%, Ainslie with 0.96%, Barrow, Hanley, Mewhinney & Strauss with 0.77% and Pzena with 0.7%.

The Parker Hannifin Corp. (

PH, Financial) stake was reduced by 24.59%, impacting the portfolio by -0.38%.

The company manufactures motion and control technologies and systems.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The ROE of 19.81% and ROA of 7.38% are outperforming 76% of companies in the Global Diversified Industrials industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.14 is below the industry median of 1.01.

With 1.83% of outstanding shares, 

Bill Nygren (Trades, Portfolio) is the company's largest guru shareholder, followed by Spiros Segalas (Trades, Portfolio) with 1.35%, Diamond Hill Capital (Trades, Portfolio) with 1.24%, Hotchkis & Wiley with 0.91% and Andreas Halvorsen (Trades, Portfolio) with 0.25%.

Pzena's Stanley Black & Decker Inc. (

SWK, Financial) holding was reduced by 27.88%. The trade had an impact of -0.36% on the portfolio.

The company makes power tools, hand tools and other accessories. 

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The ROE of 17.95% and ROA of 6.90% are outperforming 76% of companies in the Global Tools and Accessories industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.12 is below the industry median of 1.01.

The largest shareholder of the company among the gurus is Barrow, Hanley, Mewhinney & Strauss with 2.36% of outstanding shares, followed by

John Rogers (Trades, Portfolio) with 0.53%, Jim Simons (Trades, Portfolio) with 0.21%, Joel Greenblatt (Trades, Portfolio) with 0.15%, Pioneer Investments (Trades, Portfolio) with 0.05%, Paul Tudor Jones (Trades, Portfolio) with 0.02% and Chuck Royce (Trades, Portfolio) with 0.02%.

The investor's ON Semiconductor Corp. (

ON, Financial) stake was reduced by 19.55%. The trade had an impact of -0.19% on the portfolio.

The company manufactures semiconductor components.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The ROE of 12.62% and ROA of 3.70% are outperforming 55% of companies in the Global Semiconductors industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.22 is below the industry median of 1.76.

Pioneer Investments is another notable guru shareholder of the company with 0.87% of outstanding shares, followed by

Ronald Muhlenkamp (Trades, Portfolio) with 0.29%, Simons with 0.28%, Hotchkis & Wiley with 0.16%, Scott Black (Trades, Portfolio) with 0.04% and Ken Fisher (Trades, Portfolio) with 0.03%.

Pzena reduced his Abbott Laboratories (ABT) stake by 21.33%. The transaction had an impact of -0.16% on the portfolio.

The health care company manufactures medical devices, blood glucose monitoring kits, nutritional health care products, diagnostic products and equipment and branded generic drugs.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The ROE of 4.69% and ROA of 2.14% are outperforming 60% of companies in the Global Medical Devices industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.41 is below the industry median of 2.54.

The largest shareholder of the company among the gurus is the Vanguard Health Care Fund with 1.24% of outstanding shares, followed by PRIMECAP Management with 0.85%, Diamond Hill Capital with 0.69%,

Jeremy Grantham (Trades, Portfolio) with 0.29%, Mairs and Power (Trades, Portfolio) with 0.25% and Simons with 0.18%.

The guru’s Comerica Inc. (

CMA, Financial) holding was reduced by 33.40%. The trade had an impact of -0.15% on the portfolio.

The financial services company operates in three business segments, The Business Bank, The Retail Bank and Wealth Management, in the geographic markets of Michigan, California and Texas.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 9.11% and ROA of 0.99% are underperforming 56% of companies in the Global Banks - Regional - U.S. industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.99 is below the industry median 2.09.

Third Avenue Management (Trades, Portfolio) is the company's largest shareholder among the gurus with 0.55% of outstanding shares, followed by Martin Whitman (Trades, Portfolio) with 0.47%, First Pacific Advisors (Trades, Portfolio) with 0.1% and Jones with 0.05%.

The eighth-largest cut was Bank of America Corp. (

BAC, Financial). The position was reduced by 4.22% with an impact of -0.12% on the portfolio.

The bank provides financial products and services to individuals, companies and institutional investors.

GuruFocus gives the stock a profitability and growth rating of 3 out of 10. The ROE of 6.72% and ROA of 0.89% are underperforming 67% of the companies in the Global Banks - Global industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.65 is below the industry median of 2.09.

With 1.88% of outstanding shares, Dodge & Cox is the company's largest guru shareholder, followed by Barrow, Hanley, Mewhinney & Strauss with 0.66%, Hotchkis & Wiley with 0.3%, First Pacific Advisors with 0.25% and Nygren with 0.2%.

Disclosure: I do not own any shares of any stocks mentioned in this article.

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