Gardner Russo & Gardner Buys JPMorgan Chase, Apple Inc, ConocoPhillips, Sells British American Tobacco PLC, International Business Machines Corp, Apergy Corp

• New Purchases: COP, ORCL, Y,
• Added Positions: WFC, SWGAF, CFRHF, JPM, GOOG, CFRUY, HEINY, BICEF, LTG, PDRDY,
• Reduced Positions: MA, NSRGY, BRK.A, UN, BF.B, MO, DGEAF, CMCSA, JCDXF, DEO,
• Sold Out: BTAFF, CSFL, JNJ, SLB,

For the details of Tom Russo's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Tom+Russo

1. Mastercard Inc (MA) - 8,351,354 shares, 13.44% of the total portfolio. Shares reduced by 3.56%
2. Berkshire Hathaway Inc (BRK.A) - 4,555 shares, 10.54% of the total portfolio. Shares reduced by 1.43%
3. Nestle SA (NSRGY) - 15,392,326 shares, 9.26% of the total portfolio. Shares reduced by 1.92%
4. Pernod Ricard SA (PDRDF) - 5,849,165 shares, 6.94% of the total portfolio. Shares reduced by 0.75%
5. Heineken Holding NV (HKHHF) - 10,587,256 shares, 6.94% of the total portfolio. Shares added by 0.23%

Gardner Russo & Gardner initiated holding in Oracle Corp. The purchase prices were between $44.72 and $51.72, with an estimated average price of $48.57. The stock is now traded at around $49.50. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 4,000 shares as of 2018-09-30.

Gardner Russo & Gardner initiated holding in Alleghany Corp. The purchase prices were between $575.06 and $656.06, with an estimated average price of $625.32. The stock is now traded at around $615.34. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 324 shares as of 2018-09-30.

Gardner Russo & Gardner initiated holding in ConocoPhillips. The purchase prices were between $67.82 and $78.11, with an estimated average price of $72.12. The stock is now traded at around $62.97. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 2,638 shares as of 2018-09-30.

Gardner Russo & Gardner added to a holding in JPMorgan Chase & Co by 476.00%. The purchase prices were between $103.61 and $118.63, with an estimated average price of $113.52. The stock is now traded at around $109.80. The impact to a portfolio due to this purchase was 0.01%. The holding were 11,520 shares as of 2018-09-30.

Gardner Russo & Gardner added to a holding in Apple Inc by 53.10%. The purchase prices were between $183.92 and $228.36, with an estimated average price of $208.3. The stock is now traded at around $192.85. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 2,595 shares as of 2018-09-30.

Gardner Russo & Gardner sold out a holding in British American Tobacco PLC. The sale prices were between $45.87 and $55.4, with an estimated average price of $50.71.

Gardner Russo & Gardner sold out a holding in CenterState Bank Corp. The sale prices were between $27.75 and $31.2, with an estimated average price of $29.86.

Gardner Russo & Gardner sold out a holding in Schlumberger Ltd. The sale prices were between $59.7 and $69.49, with an estimated average price of $64.38.

Gardner Russo & Gardner sold out a holding in Johnson & Johnson. The sale prices were between $121.58 and $142.88, with an estimated average price of $132.89.

Gardner Russo & Gardner reduced to a holding in International Business Machines Corp by 71.45%. The sale prices were between $139.57 and $151.61, with an estimated average price of $146.07. The stock is now traded at around $120.95. The impact to a portfolio due to this sale was -0.01%. Gardner Russo & Gardner still held 1,571 shares as of 2018-09-30.

Gardner Russo & Gardner reduced to a holding in Apergy Corp by 41.11%. The sale prices were between $35.81 and $45.27, with an estimated average price of $41.94. The stock is now traded at around $36.82. The impact to a portfolio due to this sale was less than 0.01%. Gardner Russo & Gardner still held 14,512 shares as of 2018-09-30.