Dodge & Cox Buys Target, Time, EMC, Google, Wal-Mart

Dodge & Cox, the famous value mutual fund by Van Duyne Dodge and E. Morris Cox, and manages five different funds disclosed 72 stocks on its portfolio with approximately $57.9 billion in market value as of June 30, 2014.

During the first quarter, Dodge & Cox ‘s public long portfolio increased $7 billion in market value to $84 billion.

Seth Klarman: Investing Is Art First, Craft Second And Science Third

Seth KlarmanSeth Klarman is considered to be one of the best value investors of all time. Unfortunately, he does not give many interviews or lectures. Q2 2020 hedge fund letters, conferences and more Luckily, those interviews and speeches that he does give are stuffed full of information and highly insightful comments that value investors can learn Read More


Dodge & Cox’s New acquisitions

During the second quarter, Dodge & Cox acquired over 2.11 million shares of NOW Inc (NYSE:DNOW) 10.5 million shares of Target Corporation (NYSE:TGT) and more than 4.8 million shares of Time Inc (NYSE:TIME).

NOW Inc (NYSE:DNOW) is a distributor to the oil and gas industry, which was recently spun off by National-Oilwell Varco, Inc. (NYSE:NOV). It started trading on June 2, and its stock price closed at around $34.11 per share on Wednesday.  Merrill A “Pete” Miller, resigned as executive chairman of National-Oilwell Varco to serve the same position at NOW.

Target Corporation (NYSE:TGT), the second largest discount retailer in the United States recently announced the final results of its tender offers of notes and debentures. According to the company, $1,267,233,000 aggregate principal amount of notes had been validly tendered and not validly withdrawn as of June 30. Target’s stock price was slightly down to $60.14 per share on yesterday.

Time Inc (NYSE:TIME), is one of the largest publishing company worldwide. The company publishes 130 magazines including its namesake Time, Travel+ Leisure, Health, Fortune, InStyle, People, among others. Its stock closed around $25.48 per share on Wednesday.

Dodge & Cox’s Added positions

Dodge & Cox added its investments on a number of stocks including EMC Corporation (NYSE:EMC) by more than 12.3 million shares, Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) by 770,000 shares, and Wal-Mart Stores, Inc (NYSE:WMT) by 5.6 million shares.

Dodge & Cox bought additional 3.6 million shares of Express Scripts Holding Company (NASDAQ:ESRX), more than 1.9 million shares of eBay Inc (NASDAQ:EBAY) and 8.2 million shares of Bank of America Corp (NYSE:BAC).

Express Scripts Holding Company (NASDAQ:ESRX) is one of the ten stock recommended by Leon Cooperman last year. The stock delivered a 12-month return of 6.8%. During the Delivering Alpha conference today, Cooperman said he missed Bank of America Corp (NYSE:BAC) as it is not included in his favorite stock picks this year.

Yesterday, eBay Inc (NASDAQ:EBAY) released its second-quarter financial results. Its earnings were $0.69 per share on $4.4 billion in revenue. The e-commerce company beat the $0.68 in earnings per share consensus estimate of Wall Street analysts.