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.
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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According to the company, $1,267,233,000 aggregate principal amount of notes had been validly tendered and not validly withdrawn as of June 30.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.