Did the long term value firm Dodge & Cox become more bearish in the first quarter? They were net sellers. This is the Q1 portfolio update of Dodge & Cox.
Dodge & Cox outperformed the market in 8 years out of the last 10 years, average 6.31% a year, while the S&P500 was negative.
Dodge & Cox buys Charles Schwab Corp., Automatic Data Processing Inc., sells Weyerhaeuser Company, White Mountains Insurance Group Ltd., Unum Group, Ims Health Inc., Microsoft Corp. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Dodge & Cox. Dodge & Cox owns 190 stocks with a total value of $84.7 billion. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Dodge & Cox
Vodafone AirTouch Plc is the world's largest international mobile communications firm. Vodafone Group Plc has a market cap of $108.83 billion; its shares were traded at around $20.69 with and P/S ratio of 1.8. The dividend yield of Vodafone Group Plc stocks is 6.2%.
Diageo is an multinational branded food and drinks company. Diageo Plc has a market cap of $40.97 billion; its shares were traded at around $65.46 with and P/S ratio of 2.7. The dividend yield of Diageo Plc stocks is 3.6%.
Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of minimally invasive medical devices. Boston Scientific Corp. has a market cap of $10.32 billion; its shares were traded at around $6.81 with a P/E ratio of 11.2 and P/S ratio of 1.2. Boston Scientific Corp. had an annual average earning growth of 5.4% over the past 10 years.
Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank Of Ny Mellon Cp has a market cap of $37.36 billion; its shares were traded at around $30.92 with a P/E ratio of 13.5 and P/S ratio of 2.7. The dividend yield of Bank Of Ny Mellon Cp stocks is 1.1%.
GlaxoSmithKline is one of the world's research based pharmaceutical and healthcare companies and is committed to improving the quality of human life by enabling people to do more, feel better and live longer. Glaxosmithkline Plc has a market cap of $100.27 billion; its shares were traded at around $35.4 with a P/E ratio of 9.2 and P/S ratio of 2.2. The dividend yield of Glaxosmithkline Plc stocks is 5.6%. Glaxosmithkline Plc had an annual average earning growth of 7.3% over the past 10 years. GuruFocus rated Glaxosmithkline Plc the business predictability rank of 3.5-star.
Electronic Arts Inc. operates in two principal business segments globally: EA Core business segment: creation, marketing and distribution of entertainment software and the EA. Electronic Arts Inc. has a market cap of $5.78 billion; its shares were traded at around $17.71 with and P/S ratio of 1.3.
Ericsson is a world-supplier in the fast-growing and dynamic telecommunications and data communications industry, offering advanced communications solutions for mobile and fixed networks, as well as consumer products. Lm Ericsson Telephone Company has a market cap of $35.25 billion; its shares were traded at around $10.77 with a P/E ratio of 21.6 and P/S ratio of 1.3. The dividend yield of Lm Ericsson Telephone Company stocks is 1.8%.
Aegon N.V. is an international insurance group which writes life and health insurance and offers related pension, savings and investment products in Europe, North America and the Caribbean. Aegon N.v. Ordinary American Registry has a market cap of $10.29 billion; its shares were traded at around $6.52 with and P/S ratio of 0.2.
D&B Corp. is a provider of business information. Their information and technology solutions help businesses reduce credit risk, find profitable customers, manage customer and vendor relationships more efficiently and collect cash and receivables. Dun & Bradstreet Corp. The has a market cap of $3.84 billion; its shares were traded at around $76.14 with a P/E ratio of 14.1 and P/S ratio of 2.3. The dividend yield of Dun & Bradstreet Corp. The stocks is 1.8%. Dun & Bradstreet Corp. The had an annual average earning growth of 11.5% over the past 10 years.
Charles Schwab Corp. provides a full-service investing experience to customers through a clicks and mortar multi-dimensional, five channel offering of the Internet, branch offices, speech recognition, touch-tone telephone, e-mail and wireless technologies, multilingual and international services, and direct access to professionals day or night. Charles Schwab Corp. has a market cap of $21.08 billion; its shares were traded at around $17.68 with a P/E ratio of 30 and P/S ratio of 5.1. The dividend yield of Charles Schwab Corp. stocks is 1.3%. Charles Schwab Corp. had an annual average earning growth of 11.2% over the past 10 years.
Automatic Data Processing, Inc. is one of the largest providers of computerized transaction processing, data communication, and information services in the world. Automatic Data Processing Inc. has a market cap of $21.72 billion; its shares were traded at around $43.02 with a P/E ratio of 17.9 and P/S ratio of 2.4. The dividend yield of Automatic Data Processing Inc. stocks is 3.2%. Automatic Data Processing Inc. had an annual average earning growth of 2.8% over the past 10 years. GuruFocus rated Automatic Data Processing Inc. the business predictability rank of 4-star.
McDonald's Corporation develops, operates, franchises and services a worldwide system of restaurants that prepare, assemble, package and sell a limited menu of value-priced foods. Mcdonald's Corp. has a market cap of $76.04 billion; its shares were traded at around $70.67 with a P/E ratio of 16.9 and P/S ratio of 3.3. The dividend yield of Mcdonald's Corp. stocks is 3.1%. Mcdonald's Corp. had an annual average earning growth of 14.7% over the past 10 years. GuruFocus rated Mcdonald's Corp. the business predictability rank of 2.5-star.
Teradata Corporation is the world's largest company focused on raising intelligence through data warehousing and enterprise analytics. Teradata Corp has a market cap of $5.26 billion; its shares were traded at around $31.52 with a P/E ratio of 19.6 and P/S ratio of 3.1.
Avon Products, Inc. is one of the world's manufacturers and marketers of beauty and related products, which include cosmetics, fragrance and toiletries; beauty plus which consists of jewelry and accessories and apparel; and non-core which consists of gift and decorative and home entertainment products. Avon Products Inc. has a market cap of $12.39 billion; its shares were traded at around $28.53 with a P/E ratio of 15.7 and P/S ratio of 1.2. The dividend yield of Avon Products Inc. stocks is 3.1%. Avon Products Inc. had an annual average earning growth of 4.2% over the past 10 years. GuruFocus rated Avon Products Inc. the business predictability rank of 2.5-star.
AMERIPRISE FINANCIAL, INC. is a financial planning and services company with financial advisors and registered representatives that provides solutions for clients' asset accumulation, income management and insurance protection needs. Ameriprise Financial Inc. has a market cap of $11.85 billion; its shares were traded at around $46.32 with a P/E ratio of 13.9 and P/S ratio of 1.5. The dividend yield of Ameriprise Financial Inc. stocks is 1.6%.
Masco Corporation is the country's manufacturer of home improvement and building products that bring the highest quality and value to your home and family. Masco Corp. has a market cap of $5.6 billion; its shares were traded at around $15.6 with a P/E ratio of 120 and P/S ratio of 0.7. The dividend yield of Masco Corp. stocks is 1.9%.
Apollo Group, Inc. has been providing higher education to working adults for over 25 years. Apollo Group Inc. has a market cap of $8.42 billion; its shares were traded at around $55.74 with a P/E ratio of 12 and P/S ratio of 2.2. Apollo Group Inc. had an annual average earning growth of 26.4% over the past 10 years. GuruFocus rated Apollo Group Inc. the business predictability rank of 4-star.
State Street Corporation is the world's specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. State Street Corp. has a market cap of $21.27 billion; its shares were traded at around $42.8 with a P/E ratio of 11.2 and P/S ratio of 2.3. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 3.4% over the past 10 years.
Alcoa Inc. is the world's producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa Inc. has a market cap of $12.71 billion; its shares were traded at around $12.46 with and P/S ratio of 0.7. The dividend yield of Alcoa Inc. stocks is 1%.
Unilever is one of the world's largest consumer products companies. Unilever N.v. New York Registry has a market cap of $80.07 billion; its shares were traded at around $28.71 with and P/S ratio of 1.5. The dividend yield of Unilever N.v. New York Registry stocks is 4%.
PETROBRAS-ADR C is an integrated company operating in exploration, production, refining, retailing and transportation of petroleum and its byproducts at home and abroad. Petroleo Brasileiro S.a.petrobras has a market cap of $96.85 billion; its shares were traded at around $38.18 with a P/E ratio of 10.6 and P/S ratio of 1.1. The dividend yield of Petroleo Brasileiro S.a.petrobras stocks is 0.4%. Petroleo Brasileiro S.a.petrobras had an annual average earning growth of 20.2% over the past 10 years. GuruFocus rated Petroleo Brasileiro S.a.petrobras the business predictability rank of 3.5-star.
Aon Corporation is a holding company whose operating subsidiaries carry onbusiness in three distinct segments: insurance brokerage and other services; consulting; and insurance underwriting. Aon has a market cap of $11.47 billion; its shares were traded at around $42.99 with a P/E ratio of 13.4 and P/S ratio of 1.5. The dividend yield of Aon stocks is 1.4%. Aon had an annual average earning growth of 3.9% over the past 10 years.
Adobe Systems Incorporated is a provider of graphic design, publishing, and imaging software for Web and print production. Adobe Systems Inc. has a market cap of $18.32 billion; its shares were traded at around $34.8 with a P/E ratio of 29.4 and P/S ratio of 6.2. Adobe Systems Inc. had an annual average earning growth of 10.2% over the past 10 years. GuruFocus rated Adobe Systems Inc. the business predictability rank of 4-star.
NCR Corporation is a recognized world leader in providing Relationship Technology solutions for the retail, financial, communications, travel and transportation, and insurance markets. Ncr Corp. has a market cap of $2.01 billion; its shares were traded at around $12.59 with a P/E ratio of 21.3 and P/S ratio of 0.4. Ncr Corp. had an annual average earning growth of 3.7% over the past 10 years.
American Electric Power is a public utility holding company which owns,directly or indirectly, all of the outstanding common stock of its domesticelectric utility subsidiaries and varying percentages of other subsidiaries. American Electric Power Company Inc. has a market cap of $16.07 billion; its shares were traded at around $33.58 with a P/E ratio of 11.6 and P/S ratio of 1.2. The dividend yield of American Electric Power Company Inc. stocks is 5%.
GENUINE PARTS COMPANY is a distributor of automotive replacement parts in the U. Genuine Parts Company has a market cap of $6.79 billion; its shares were traded at around $42.81 with a P/E ratio of 16.6 and P/S ratio of 0.7. The dividend yield of Genuine Parts Company stocks is 3.9%. Genuine Parts Company had an annual average earning growth of 6.1% over the past 10 years.
Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression, schizophrenia and other mental disorders; pain; and other conditions. Bristolmyers Squibb Company has a market cap of $41.99 billion; its shares were traded at around $24.44 with a P/E ratio of 11.5 and P/S ratio of 2.2. The dividend yield of Bristolmyers Squibb Company stocks is 5.2%.
Thermo Fisher Scientific is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. Thermo Fisher Scientific Inc. has a market cap of $22.46 billion; its shares were traded at around $54.85 with a P/E ratio of 16.8 and P/S ratio of 2.2. Thermo Fisher Scientific Inc. had an annual average earning growth of 10.8% over the past 10 years.
Cardinal Health, Inc. is one of the providers of products and services to healthcare providers and manufacturers to help them improve the efficiency and quality of healthcare. Cardinal Health Inc. has a market cap of $12.78 billion; its shares were traded at around $35.35 with a P/E ratio of 13.7 and P/S ratio of 0.1. The dividend yield of Cardinal Health Inc. stocks is 2%. Cardinal Health Inc. had an annual average earning growth of 6% over the past 10 years. GuruFocus rated Cardinal Health Inc. the business predictability rank of 3-star.
ICICI Bank offers a wide range of banking products and services to corporate and retail customers through a variety of delivery channels. Icici Bank Ltd. has a market cap of $22.92 billion; its shares were traded at around $41.12 with a P/E ratio of 26.8 and P/S ratio of 3.1. The dividend yield of Icici Bank Ltd. stocks is 1.1%.
Honda manufactures a wide range of products, including motorcycles, ATVs, generators, marine engines, lawn and garden equipment and automobiles. Honda Motor Co. Ltd. has a market cap of $59.94 billion; its shares were traded at around $33.03 with a P/E ratio of 254.1 and P/S ratio of 0.6. The dividend yield of Honda Motor Co. Ltd. stocks is 0.8%.
Citrix Systems, Inc. is one of the suppliers of application delivery and management software and services that enable the effective and efficient enterprise-wide deployment and management of applications. Citrix Systems Inc. has a market cap of $8.76 billion; its shares were traded at around $47.64 with a P/E ratio of 32 and P/S ratio of 5.5. Citrix Systems Inc. had an annual average earning growth of 4.2% over the past 10 years.
UnitedHealth Group Inc. offers health care coverage and related services to help people achieve improved health and well-being through all stages of life. Unitedhealth Group Inc. has a market cap of $35.1 billion; its shares were traded at around $30.32 with a P/E ratio of 8.7 and P/S ratio of 0.4. The dividend yield of Unitedhealth Group Inc. stocks is 0.1%. Unitedhealth Group Inc. had an annual average earning growth of 22.1% over the past 10 years. GuruFocus rated Unitedhealth Group Inc. the business predictability rank of 3.5-star.
WellPoint, Inc. is the largest publicly traded commercial health benefits company in terms of membership in the United States. Wellpoint Inc. has a market cap of $23.99 billion; its shares were traded at around $54.04 with a P/E ratio of 8.6 and P/S ratio of 0.4. Wellpoint Inc. had an annual average earning growth of 21.6% over the past 10 years.
Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $258.2 billion; its shares were traded at around $29.44 with a P/E ratio of 15.1 and P/S ratio of 4.4. The dividend yield of Microsoft Corp. stocks is 1.8%.
UnumProvident is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation. Unum Group has a market cap of $8.08 billion; its shares were traded at around $24.31 with a P/E ratio of 9.3 and P/S ratio of 0.8. The dividend yield of Unum Group stocks is 1.4%.
White Mountains Insurance Group, Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group Ltd. has a market cap of $2.98 billion; its shares were traded at around $338.99 with a P/E ratio of 25.1 and P/S ratio of 0.7. The dividend yield of White Mountains Insurance Group Ltd. stocks is 0.3%.
Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture, distribution and sale of forest products, real estate development and construction, and other real estate relatedactivities. Weyerhaeuser Company has a market cap of $10.23 billion; its shares were traded at around $48.37 with and P/S ratio of 1.8. The dividend yield of Weyerhaeuser Company stocks is 0.4%.
Dodge & Cox outperformed the market in 8 years out of the last 10 years, average 6.31% a year, while the S&P500 was negative.
Dodge & Cox buys Charles Schwab Corp., Automatic Data Processing Inc., sells Weyerhaeuser Company, White Mountains Insurance Group Ltd., Unum Group, Ims Health Inc., Microsoft Corp. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Dodge & Cox. Dodge & Cox owns 190 stocks with a total value of $84.7 billion. These are the details of the buys and sells.
- New Purchases: ADP, SCHW,
- Added Positions: AEG, BK, BSX, DEO, DNB, ERIC, ERTS, GSK, VOD,
- Reduced Positions: AA, ADBE, AEP, AMP, AON, APOL, AVP, BMY, CAH, CTXS, GPC, HMC, IBN, MAS, MCD, NCR, PBR, STT, TDC, TMO, UN, UNH, WLP,
- Sold Out: MSFT, UNM, WTM, WY,
This is the sector weightings of his portfolio:
| Health Care | 20.6% |
| Consumer Services | 18.6% |
| Technology | 14.4% |
| Financials | 13.4% |
| Industrials | 10.5% |
| Oil & Gas | 10% |
| Telecommunications | 5% |
| Consumer Goods | 4.4% |
| Basic Materials | 2.1% |
These are the top 5 holdings of Dodge & Cox
- HewlettPackard Company (HPQ) - 69,575,403 shares, 4.37% of the total portfolio. Shares reduced by 0.67%
- Novartis AG (NVS) - 65,249,463 shares, 4.17% of the total portfolio. Shares reduced by 0.25%
- Schlumberger Ltd. (SLB) - 49,220,844 shares, 3.69% of the total portfolio. Shares reduced by 2.58%
- GlaxoSmithKline Plc (GSK) - 75,047,144 shares, 3.41% of the total portfolio. Shares added by 5%
- Wells Fargo & Company (WFC) - 84,833,689 shares, 3.12% of the total portfolio. Shares reduced by 0.4%
Added: Vodafone Group Plc (VOD, Financial)
Dodge & Cox added to their holdings in Vodafone Group Plc by 58.62%. Their purchase prices were between $21.46 and $23.19, with an estimated average price of $22.27. The impact to their portfolio due to this purchase was 0.93%. Their holdings were 92,132,131 shares as of 03/31/2010.Vodafone AirTouch Plc is the world's largest international mobile communications firm. Vodafone Group Plc has a market cap of $108.83 billion; its shares were traded at around $20.69 with and P/S ratio of 1.8. The dividend yield of Vodafone Group Plc stocks is 6.2%.
Added: Diageo Plc (DEO, Financial)
Dodge & Cox added to their holdings in Diageo Plc by 201.44%. Their purchase prices were between $62.87 and $70.92, with an estimated average price of $66.85. The impact to their portfolio due to this purchase was 0.46%. Their holdings were 8,655,500 shares as of 03/31/2010.Diageo is an multinational branded food and drinks company. Diageo Plc has a market cap of $40.97 billion; its shares were traded at around $65.46 with and P/S ratio of 2.7. The dividend yield of Diageo Plc stocks is 3.6%.
Added: Boston Scientific Corp. (BSX, Financial)
Dodge & Cox added to their holdings in Boston Scientific Corp. by 34.59%. Their purchase prices were between $6.8 and $9.62, with an estimated average price of $8.14. The impact to their portfolio due to this purchase was 0.24%. Their holdings were 111,952,397 shares as of 03/31/2010.Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of minimally invasive medical devices. Boston Scientific Corp. has a market cap of $10.32 billion; its shares were traded at around $6.81 with a P/E ratio of 11.2 and P/S ratio of 1.2. Boston Scientific Corp. had an annual average earning growth of 5.4% over the past 10 years.
Added: Bank Of Ny Mellon Cp (BK, Financial)
Dodge & Cox added to their holdings in Bank Of Ny Mellon Cp by 17.17%. Their purchase prices were between $26.86 and $31.35, with an estimated average price of $29.14. The impact to their portfolio due to this purchase was 0.19%. Their holdings were 36,524,525 shares as of 03/31/2010.Bank of New York is a bank holding company and one of the world's larger financial institutions. Bank Of Ny Mellon Cp has a market cap of $37.36 billion; its shares were traded at around $30.92 with a P/E ratio of 13.5 and P/S ratio of 2.7. The dividend yield of Bank Of Ny Mellon Cp stocks is 1.1%.
Added: Glaxosmithkline Plc (GSK, Financial)
Dodge & Cox added to their holdings in Glaxosmithkline Plc by 5%. Their purchase prices were between $37.03 and $42.97, with an estimated average price of $39.21. The impact to their portfolio due to this purchase was 0.16%. Their holdings were 75,047,144 shares as of 03/31/2010.GlaxoSmithKline is one of the world's research based pharmaceutical and healthcare companies and is committed to improving the quality of human life by enabling people to do more, feel better and live longer. Glaxosmithkline Plc has a market cap of $100.27 billion; its shares were traded at around $35.4 with a P/E ratio of 9.2 and P/S ratio of 2.2. The dividend yield of Glaxosmithkline Plc stocks is 5.6%. Glaxosmithkline Plc had an annual average earning growth of 7.3% over the past 10 years. GuruFocus rated Glaxosmithkline Plc the business predictability rank of 3.5-star.
Added: Electronic Arts Inc. (ERTS, Financial)
Dodge & Cox added to their holdings in Electronic Arts Inc. by 33.2%. Their purchase prices were between $15.94 and $18.85, with an estimated average price of $17.36. The impact to their portfolio due to this purchase was 0.14%. Their holdings were 25,722,857 shares as of 03/31/2010.Electronic Arts Inc. operates in two principal business segments globally: EA Core business segment: creation, marketing and distribution of entertainment software and the EA. Electronic Arts Inc. has a market cap of $5.78 billion; its shares were traded at around $17.71 with and P/S ratio of 1.3.
Added: Lm Ericsson Telephone Company (ERIC, Financial)
Dodge & Cox added to their holdings in Lm Ericsson Telephone Company by 17.74%. Their purchase prices were between $9.19 and $11.3, with an estimated average price of $10.12. The impact to their portfolio due to this purchase was 0.09%. Their holdings were 48,546,290 shares as of 03/31/2010.Ericsson is a world-supplier in the fast-growing and dynamic telecommunications and data communications industry, offering advanced communications solutions for mobile and fixed networks, as well as consumer products. Lm Ericsson Telephone Company has a market cap of $35.25 billion; its shares were traded at around $10.77 with a P/E ratio of 21.6 and P/S ratio of 1.3. The dividend yield of Lm Ericsson Telephone Company stocks is 1.8%.
Added: Aegon N.v. Ordinary American Registry (AEG, Financial)
Dodge & Cox added to their holdings in Aegon N.v. Ordinary American Registry by 24.51%. Their purchase prices were between $5.51 and $7.24, with an estimated average price of $6.44. The impact to their portfolio due to this purchase was 0.09%. Their holdings were 56,733,447 shares as of 03/31/2010.Aegon N.V. is an international insurance group which writes life and health insurance and offers related pension, savings and investment products in Europe, North America and the Caribbean. Aegon N.v. Ordinary American Registry has a market cap of $10.29 billion; its shares were traded at around $6.52 with and P/S ratio of 0.2.
Added: Dun & Bradstreet Corp. The (DNB, Financial)
Dodge & Cox added to their holdings in Dun & Bradstreet Corp. The by 3368.94%. Their purchase prices were between $69.31 and $84.64, with an estimated average price of $75.52. The impact to their portfolio due to this purchase was 0.02%. Their holdings were 214,207 shares as of 03/31/2010.D&B Corp. is a provider of business information. Their information and technology solutions help businesses reduce credit risk, find profitable customers, manage customer and vendor relationships more efficiently and collect cash and receivables. Dun & Bradstreet Corp. The has a market cap of $3.84 billion; its shares were traded at around $76.14 with a P/E ratio of 14.1 and P/S ratio of 2.3. The dividend yield of Dun & Bradstreet Corp. The stocks is 1.8%. Dun & Bradstreet Corp. The had an annual average earning growth of 11.5% over the past 10 years.
New Purchase: Charles Schwab Corp. (SCHW, Financial)
Dodge & Cox initiated holdings in Charles Schwab Corp.. Their purchase prices were between $17.5 and $19.78, with an estimated average price of $18.59. The impact to their portfolio due to this purchase was 0.42%. Their holdings were 18,829,000 shares as of 03/31/2010.Charles Schwab Corp. provides a full-service investing experience to customers through a clicks and mortar multi-dimensional, five channel offering of the Internet, branch offices, speech recognition, touch-tone telephone, e-mail and wireless technologies, multilingual and international services, and direct access to professionals day or night. Charles Schwab Corp. has a market cap of $21.08 billion; its shares were traded at around $17.68 with a P/E ratio of 30 and P/S ratio of 5.1. The dividend yield of Charles Schwab Corp. stocks is 1.3%. Charles Schwab Corp. had an annual average earning growth of 11.2% over the past 10 years.
New Purchase: Automatic Data Processing Inc. (ADP, Financial)
Dodge & Cox initiated holdings in Automatic Data Processing Inc.. Their purchase prices were between $40.28 and $44.91, with an estimated average price of $42.39. The impact to their portfolio due to this purchase was less than 0.01%. Their holdings were 5,220 shares as of 03/31/2010.Automatic Data Processing, Inc. is one of the largest providers of computerized transaction processing, data communication, and information services in the world. Automatic Data Processing Inc. has a market cap of $21.72 billion; its shares were traded at around $43.02 with a P/E ratio of 17.9 and P/S ratio of 2.4. The dividend yield of Automatic Data Processing Inc. stocks is 3.2%. Automatic Data Processing Inc. had an annual average earning growth of 2.8% over the past 10 years. GuruFocus rated Automatic Data Processing Inc. the business predictability rank of 4-star.
Reduced: Mcdonald's Corp. (MCD, Financial)
Dodge & Cox reduced to their holdings in Mcdonald's Corp. by 21.01%. Their sale prices were between $61.45 and $67.35, with an estimated average price of $64.21. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 199,028 shares as of 03/31/2010.McDonald's Corporation develops, operates, franchises and services a worldwide system of restaurants that prepare, assemble, package and sell a limited menu of value-priced foods. Mcdonald's Corp. has a market cap of $76.04 billion; its shares were traded at around $70.67 with a P/E ratio of 16.9 and P/S ratio of 3.3. The dividend yield of Mcdonald's Corp. stocks is 3.1%. Mcdonald's Corp. had an annual average earning growth of 14.7% over the past 10 years. GuruFocus rated Mcdonald's Corp. the business predictability rank of 2.5-star.
Reduced: Teradata Corp (TDC)
Dodge & Cox reduced to their holdings in Teradata Corp by 23.99%. Their sale prices were between $27.66 and $31.43, with an estimated average price of $29.53. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 50,750 shares as of 03/31/2010.Teradata Corporation is the world's largest company focused on raising intelligence through data warehousing and enterprise analytics. Teradata Corp has a market cap of $5.26 billion; its shares were traded at around $31.52 with a P/E ratio of 19.6 and P/S ratio of 3.1.
Reduced: Avon Products Inc. (AVP)
Dodge & Cox reduced to their holdings in Avon Products Inc. by 52.38%. Their sale prices were between $29.21 and $34.14, with an estimated average price of $31.44. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 40,100 shares as of 03/31/2010.Avon Products, Inc. is one of the world's manufacturers and marketers of beauty and related products, which include cosmetics, fragrance and toiletries; beauty plus which consists of jewelry and accessories and apparel; and non-core which consists of gift and decorative and home entertainment products. Avon Products Inc. has a market cap of $12.39 billion; its shares were traded at around $28.53 with a P/E ratio of 15.7 and P/S ratio of 1.2. The dividend yield of Avon Products Inc. stocks is 3.1%. Avon Products Inc. had an annual average earning growth of 4.2% over the past 10 years. GuruFocus rated Avon Products Inc. the business predictability rank of 2.5-star.
Reduced: Ameriprise Financial Inc. (AMP)
Dodge & Cox reduced to their holdings in Ameriprise Financial Inc. by 33.8%. Their sale prices were between $37.23 and $45.27, with an estimated average price of $41.23. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 5,162 shares as of 03/31/2010.AMERIPRISE FINANCIAL, INC. is a financial planning and services company with financial advisors and registered representatives that provides solutions for clients' asset accumulation, income management and insurance protection needs. Ameriprise Financial Inc. has a market cap of $11.85 billion; its shares were traded at around $46.32 with a P/E ratio of 13.9 and P/S ratio of 1.5. The dividend yield of Ameriprise Financial Inc. stocks is 1.6%.
Reduced: Masco Corp. (MAS)
Dodge & Cox reduced to their holdings in Masco Corp. by 61.85%. Their sale prices were between $13.16 and $15.58, with an estimated average price of $14.49. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 60,763 shares as of 03/31/2010.Masco Corporation is the country's manufacturer of home improvement and building products that bring the highest quality and value to your home and family. Masco Corp. has a market cap of $5.6 billion; its shares were traded at around $15.6 with a P/E ratio of 120 and P/S ratio of 0.7. The dividend yield of Masco Corp. stocks is 1.9%.
Reduced: Apollo Group Inc. (APOL)
Dodge & Cox reduced to their holdings in Apollo Group Inc. by 32%. Their sale prices were between $56.92 and $64.65, with an estimated average price of $61.25. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 4,250 shares as of 03/31/2010.Apollo Group, Inc. has been providing higher education to working adults for over 25 years. Apollo Group Inc. has a market cap of $8.42 billion; its shares were traded at around $55.74 with a P/E ratio of 12 and P/S ratio of 2.2. Apollo Group Inc. had an annual average earning growth of 26.4% over the past 10 years. GuruFocus rated Apollo Group Inc. the business predictability rank of 4-star.
Reduced: State Street Corp. (STT)
Dodge & Cox reduced to their holdings in State Street Corp. by 97.73%. Their sale prices were between $42.67 and $46.78, with an estimated average price of $44.83. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 43,900 shares as of 03/31/2010.State Street Corporation is the world's specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. State Street Corp. has a market cap of $21.27 billion; its shares were traded at around $42.8 with a P/E ratio of 11.2 and P/S ratio of 2.3. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 3.4% over the past 10 years.
Reduced: Alcoa Inc. (AA)
Dodge & Cox reduced to their holdings in Alcoa Inc. by 22.29%. Their sale prices were between $12.73 and $17.45, with an estimated average price of $14.2. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 134,201 shares as of 03/31/2010.Alcoa Inc. is the world's producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa Inc. has a market cap of $12.71 billion; its shares were traded at around $12.46 with and P/S ratio of 0.7. The dividend yield of Alcoa Inc. stocks is 1%.
Reduced: Unilever N.v. New York Registry (UN)
Dodge & Cox reduced to their holdings in Unilever N.v. New York Registry by 24.21%. Their sale prices were between $28.98 and $32.93, with an estimated average price of $30.83. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 193,433 shares as of 03/31/2010.Unilever is one of the world's largest consumer products companies. Unilever N.v. New York Registry has a market cap of $80.07 billion; its shares were traded at around $28.71 with and P/S ratio of 1.5. The dividend yield of Unilever N.v. New York Registry stocks is 4%.
Reduced: Petroleo Brasileiro S.a.petrobras (PBR)
Dodge & Cox reduced to their holdings in Petroleo Brasileiro S.a.petrobras by 38.48%. Their sale prices were between $38.2 and $48.91, with an estimated average price of $43.94. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 4,956 shares as of 03/31/2010.PETROBRAS-ADR C is an integrated company operating in exploration, production, refining, retailing and transportation of petroleum and its byproducts at home and abroad. Petroleo Brasileiro S.a.petrobras has a market cap of $96.85 billion; its shares were traded at around $38.18 with a P/E ratio of 10.6 and P/S ratio of 1.1. The dividend yield of Petroleo Brasileiro S.a.petrobras stocks is 0.4%. Petroleo Brasileiro S.a.petrobras had an annual average earning growth of 20.2% over the past 10 years. GuruFocus rated Petroleo Brasileiro S.a.petrobras the business predictability rank of 3.5-star.
Reduced: Aon (AON)
Dodge & Cox reduced to their holdings in Aon by 30.23%. Their sale prices were between $37.56 and $42.9, with an estimated average price of $40.06. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 5,077 shares as of 03/31/2010.Aon Corporation is a holding company whose operating subsidiaries carry onbusiness in three distinct segments: insurance brokerage and other services; consulting; and insurance underwriting. Aon has a market cap of $11.47 billion; its shares were traded at around $42.99 with a P/E ratio of 13.4 and P/S ratio of 1.5. The dividend yield of Aon stocks is 1.4%. Aon had an annual average earning growth of 3.9% over the past 10 years.
Reduced: Adobe Systems Inc. (ADBE)
Dodge & Cox reduced to their holdings in Adobe Systems Inc. by 62.59%. Their sale prices were between $31.45 and $37.7, with an estimated average price of $34.72. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 33,000 shares as of 03/31/2010.Adobe Systems Incorporated is a provider of graphic design, publishing, and imaging software for Web and print production. Adobe Systems Inc. has a market cap of $18.32 billion; its shares were traded at around $34.8 with a P/E ratio of 29.4 and P/S ratio of 6.2. Adobe Systems Inc. had an annual average earning growth of 10.2% over the past 10 years. GuruFocus rated Adobe Systems Inc. the business predictability rank of 4-star.
Reduced: Ncr Corp. (NCR)
Dodge & Cox reduced to their holdings in Ncr Corp. by 48.45%. Their sale prices were between $11.13 and $14.16, with an estimated average price of $12.76. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 18,100 shares as of 03/31/2010.NCR Corporation is a recognized world leader in providing Relationship Technology solutions for the retail, financial, communications, travel and transportation, and insurance markets. Ncr Corp. has a market cap of $2.01 billion; its shares were traded at around $12.59 with a P/E ratio of 21.3 and P/S ratio of 0.4. Ncr Corp. had an annual average earning growth of 3.7% over the past 10 years.
Reduced: American Electric Power Company Inc. (AEP)
Dodge & Cox reduced to their holdings in American Electric Power Company Inc. by 25.02%. Their sale prices were between $32.82 and $36.52, with an estimated average price of $34.51. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 23,380 shares as of 03/31/2010.American Electric Power is a public utility holding company which owns,directly or indirectly, all of the outstanding common stock of its domesticelectric utility subsidiaries and varying percentages of other subsidiaries. American Electric Power Company Inc. has a market cap of $16.07 billion; its shares were traded at around $33.58 with a P/E ratio of 11.6 and P/S ratio of 1.2. The dividend yield of American Electric Power Company Inc. stocks is 5%.
Reduced: Genuine Parts Company (GPC)
Dodge & Cox reduced to their holdings in Genuine Parts Company by 22.83%. Their sale prices were between $36.96 and $43.08, with an estimated average price of $39.65. The impact to their portfolio due to this sale was less than 0.01%. Dodge & Cox still held 158,882 shares as of 03/31/2010.GENUINE PARTS COMPANY is a distributor of automotive replacement parts in the U. Genuine Parts Company has a market cap of $6.79 billion; its shares were traded at around $42.81 with a P/E ratio of 16.6 and P/S ratio of 0.7. The dividend yield of Genuine Parts Company stocks is 3.9%. Genuine Parts Company had an annual average earning growth of 6.1% over the past 10 years.
Reduced: Bristolmyers Squibb Company (BMY)
Dodge & Cox reduced to their holdings in Bristolmyers Squibb Company by 58.07%. Their sale prices were between $23.89 and $27, with an estimated average price of $25.09. The impact to their portfolio due to this sale was -0.01%. Dodge & Cox still held 202,512 shares as of 03/31/2010.Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression, schizophrenia and other mental disorders; pain; and other conditions. Bristolmyers Squibb Company has a market cap of $41.99 billion; its shares were traded at around $24.44 with a P/E ratio of 11.5 and P/S ratio of 2.2. The dividend yield of Bristolmyers Squibb Company stocks is 5.2%.
Reduced: Thermo Fisher Scientific Inc. (TMO)
Dodge & Cox reduced to their holdings in Thermo Fisher Scientific Inc. by 82.98%. Their sale prices were between $46.15 and $51.66, with an estimated average price of $48.68. The impact to their portfolio due to this sale was -0.02%. Dodge & Cox still held 262,922 shares as of 03/31/2010.Thermo Fisher Scientific is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. Thermo Fisher Scientific Inc. has a market cap of $22.46 billion; its shares were traded at around $54.85 with a P/E ratio of 16.8 and P/S ratio of 2.2. Thermo Fisher Scientific Inc. had an annual average earning growth of 10.8% over the past 10 years.
Reduced: Cardinal Health Inc. (CAH)
Dodge & Cox reduced to their holdings in Cardinal Health Inc. by 93.56%. Their sale prices were between $31.31 and $36.45, with an estimated average price of $33.73. The impact to their portfolio due to this sale was -0.02%. Dodge & Cox still held 372,551 shares as of 03/31/2010.Cardinal Health, Inc. is one of the providers of products and services to healthcare providers and manufacturers to help them improve the efficiency and quality of healthcare. Cardinal Health Inc. has a market cap of $12.78 billion; its shares were traded at around $35.35 with a P/E ratio of 13.7 and P/S ratio of 0.1. The dividend yield of Cardinal Health Inc. stocks is 2%. Cardinal Health Inc. had an annual average earning growth of 6% over the past 10 years. GuruFocus rated Cardinal Health Inc. the business predictability rank of 3-star.
Reduced: Icici Bank Ltd. (IBN)
Dodge & Cox reduced to their holdings in Icici Bank Ltd. by 56.95%. Their sale prices were between $33.47 and $43.43, with an estimated average price of $38.04. The impact to their portfolio due to this sale was -0.06%. Dodge & Cox still held 1,928,300 shares as of 03/31/2010.ICICI Bank offers a wide range of banking products and services to corporate and retail customers through a variety of delivery channels. Icici Bank Ltd. has a market cap of $22.92 billion; its shares were traded at around $41.12 with a P/E ratio of 26.8 and P/S ratio of 3.1. The dividend yield of Icici Bank Ltd. stocks is 1.1%.
Reduced: Honda Motor Co. Ltd. (HMC)
Dodge & Cox reduced to their holdings in Honda Motor Co. Ltd. by 38.14%. Their sale prices were between $33.57 and $36.9, with an estimated average price of $35.05. The impact to their portfolio due to this sale was -0.1%. Dodge & Cox still held 6,500,534 shares as of 03/31/2010.Honda manufactures a wide range of products, including motorcycles, ATVs, generators, marine engines, lawn and garden equipment and automobiles. Honda Motor Co. Ltd. has a market cap of $59.94 billion; its shares were traded at around $33.03 with a P/E ratio of 254.1 and P/S ratio of 0.6. The dividend yield of Honda Motor Co. Ltd. stocks is 0.8%.
Reduced: Citrix Systems Inc. (CTXS)
Dodge & Cox reduced to their holdings in Citrix Systems Inc. by 25.21%. Their sale prices were between $41.15 and $49, with an estimated average price of $44.25. The impact to their portfolio due to this sale was -0.2%. Dodge & Cox still held 14,363,480 shares as of 03/31/2010.Citrix Systems, Inc. is one of the suppliers of application delivery and management software and services that enable the effective and efficient enterprise-wide deployment and management of applications. Citrix Systems Inc. has a market cap of $8.76 billion; its shares were traded at around $47.64 with a P/E ratio of 32 and P/S ratio of 5.5. Citrix Systems Inc. had an annual average earning growth of 4.2% over the past 10 years.
Reduced: Unitedhealth Group Inc. (UNH)
Dodge & Cox reduced to their holdings in Unitedhealth Group Inc. by 28.66%. Their sale prices were between $30.48 and $35.13, with an estimated average price of $32.97. The impact to their portfolio due to this sale was -0.29%. Dodge & Cox still held 26,333,131 shares as of 03/31/2010.UnitedHealth Group Inc. offers health care coverage and related services to help people achieve improved health and well-being through all stages of life. Unitedhealth Group Inc. has a market cap of $35.1 billion; its shares were traded at around $30.32 with a P/E ratio of 8.7 and P/S ratio of 0.4. The dividend yield of Unitedhealth Group Inc. stocks is 0.1%. Unitedhealth Group Inc. had an annual average earning growth of 22.1% over the past 10 years. GuruFocus rated Unitedhealth Group Inc. the business predictability rank of 3.5-star.
Reduced: Wellpoint Inc. (WLP)
Dodge & Cox reduced to their holdings in Wellpoint Inc. by 23.11%. Their sale prices were between $58.29 and $68.06, with an estimated average price of $62.61. The impact to their portfolio due to this sale was -0.32%. Dodge & Cox still held 17,996,888 shares as of 03/31/2010.WellPoint, Inc. is the largest publicly traded commercial health benefits company in terms of membership in the United States. Wellpoint Inc. has a market cap of $23.99 billion; its shares were traded at around $54.04 with a P/E ratio of 8.6 and P/S ratio of 0.4. Wellpoint Inc. had an annual average earning growth of 21.6% over the past 10 years.
Sold Out: Microsoft Corp. (MSFT)
Dodge & Cox sold out their holdings in Microsoft Corp.. Their sale prices were between $27.72 and $31.1, with an estimated average price of $29.3.Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $258.2 billion; its shares were traded at around $29.44 with a P/E ratio of 15.1 and P/S ratio of 4.4. The dividend yield of Microsoft Corp. stocks is 1.8%.
Sold Out: Unum Group (UNM)
Dodge & Cox sold out their holdings in Unum Group. Their sale prices were between $18.73 and $24.87, with an estimated average price of $21.39.UnumProvident is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation. Unum Group has a market cap of $8.08 billion; its shares were traded at around $24.31 with a P/E ratio of 9.3 and P/S ratio of 0.8. The dividend yield of Unum Group stocks is 1.4%.
Sold Out: White Mountains Insurance Group Ltd. (WTM)
Dodge & Cox sold out their holdings in White Mountains Insurance Group Ltd.. Their sale prices were between $316.98 and $358.04, with an estimated average price of $338.21.White Mountains Insurance Group, Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group Ltd. has a market cap of $2.98 billion; its shares were traded at around $338.99 with a P/E ratio of 25.1 and P/S ratio of 0.7. The dividend yield of White Mountains Insurance Group Ltd. stocks is 0.3%.
Sold Out: Weyerhaeuser Company (WY)
Dodge & Cox sold out their holdings in Weyerhaeuser Company. Their sale prices were between $39.25 and $45.32, with an estimated average price of $42.65.Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture, distribution and sale of forest products, real estate development and construction, and other real estate relatedactivities. Weyerhaeuser Company has a market cap of $10.23 billion; its shares were traded at around $48.37 with and P/S ratio of 1.8. The dividend yield of Weyerhaeuser Company stocks is 0.4%.
