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Pioneer Investments Exits Wells Fargo, Coca-Cola, Buys Walt Disney

- By Tiziano Frateschi

Pioneer Investment Management operates in wide areas of investment vehicles: mutual funds, single manager hedge funds, funds of hedge funds, structured products, segregated and managed accounts and institutional funds. During the fourth quarter of 2016, the firm traded shares in the following stocks:

The guru almost closed its stake in Wells Fargo & Co. (WFC). It was reduced by 97.32% with an impact of -0.6% on the portfolio.


It is a diversified financial services company. It provides retail, corporate and commercial banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10. The return on equity (ROE) of 10.24% and return on assets (ROA) of 1.17% are outperforming 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 0.06 is below the industry median of 1.92.

The largest shareholder among the gurus is Warren Buffett (Trades, Portfolio) with 9.59% of outstanding shares followed by Dodge & Cox with 1.43%, Barrow, Hanley, Mewhinney & Strauss with 0.71%, Chris Davis (Trades, Portfolio) with 0.53%, PRIMECAP Management (Trades, Portfolio) with 0.37% and Ken Fisher (Trades, Portfolio) with 0.37%.

The firm cut its Pfizer Inc. (PFE) stake by 31.61%. The transaction had an impact of 0.54% on the portfolio.

It is a research-based biopharmaceutical company. It has five operating segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health; and Consumer Healthcare.

GuruFocus gives the stock a profitability and growth rating of 7 out of 10. The ROE of 11.51% and ROA of 4.24% are outperforming 55% of the companies in the Global Drug Manufacturers - Major industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.42 is below the industry median of 2.89.

Barrow, Hanley, Mewhinney & Strauss is the largest shareholder among the gurus with 0.76% of outstanding shares followed by Fisher with 0.54%, Lee Ainslie (Trades, Portfolio) with 0.38%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.23%, Diamond Hill Capital (Trades, Portfolio) with 0.22% and Jeremy Grantham (Trades, Portfolio) with 0.09%.

The guru reduced its stake in Chevron Corp. (CVX) by 44.58% with an impact of -0.51% on the portfolio.

The company provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations and power and energy services.

GuruFocus gives the stock a profitability and growth rating of 4 out of 10. The ROE of -0.33% and ROA of -0.19% are underperforming 66% of the companies in the Global Oil & Gas Integrated industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.15 is below the industry median of 0.37.

The largest shareholder among the gurus is Barrow, Hanley, Mewhinney & Strauss with 0.3% of outstanding shares followed by Fisher with 0.19%, T Rowe Price Equity Income Fund with 0.12%, Pioneer Investments with 0.09%, Jim Simons (Trades, Portfolio) with 0.06%, RS Investment Management (Trades, Portfolio) with 0.04%, Dodge & Cox with 0.03% and David Carlson (Trades, Portfolio) with 0.02%.

The guru almost closed its position in Aetna Inc. (AET) with a decrease of 92.66% and an impact of -0.48% on the portfolio.

The company is a health care benefit company, which offers traditional and consumer-directed health insurance products and related services including medical, pharmacy, dental, behavioral health, group life and disability plans.

GuruFocus gives the stock a profitability and growth rating of 7 out of 10. The ROE of 13.02% and ROA of 3.52% are outperforming 56% of the companies in the Global Health Care Plans industry. Financial strength has a rating of 6 out of 10 with a cash to debt of 1.02.

Vanguard Health Care Fund (Trades, Portfolio) is the largest shareholder among the gurus with 2.04% of outstanding shares followed by Larry Robbins (Trades, Portfolio) with 1.57%, Davis with 1.19%, Simons with 0.86%, Ainslie with 0.67% and Jana Partners (Trades, Portfolio) with 0.63%.

The guru raised its holding of General Electric Co. (GE) by 57.10%. The trade had an impact of -0.43% on the portfolio.

The company is a diversified company with products and services that range from aircraft engines, power generation, oil and gas production equipment, household appliances, medical imaging, business and consumer financing and industrial products.

GuruFocus gives the stock a profitability and growth rating of 5 out of 10. While the ROE of 9.40% is outperforming the sector, the ROA of 2.08% is underperforming 54% of the companies in the Global Diversified Industrials industry. Financial strength has a rating of 5 out of 10 with cash-debt ratio of 0.68 that is below the industry median of 1.04.

The largest shareholder among the gurus is Fisher with 0.36% of outstanding shares followed by Bill Nygren (Trades, Portfolio) with 0.16%, T Rowe Price Equity Income Fund with 0.16%, Buffett with 0.12%, First Pacific Advisors (Trades, Portfolio) with 0.09%, Steven Romick (Trades, Portfolio) with 0.07% and Mairs and Power (Trades, Portfolio) with 0.05%.

The firm trimmed its Coca-Cola Co. (KO) holding by 84.65%. The transaction had an impact of -0.43% on the portfolio.

The company manufactures, distributes and markets nonalcoholic beverage concentrates and syrups.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10. The ROE of 25.85% and ROA of 7.15% are outperforming 68% of the companies in the Global Beverages - Soft Drinks industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.49 is below the industry median of 0.61.

The largest shareholder among the gurus is Buffett with 9.32% of outstanding shares followed by Donald Yacktman (Trades, Portfolio) with 0.39%, Fisher with 0.25%, Yacktman Fund (Trades, Portfolio) with 0.21%, Grantham with 0.15% and Yacktman Focused Fund (Trades, Portfolio) with 0.11%.

The guru added to its Walt Disney Co. (DIS) holding by 1.79% with an impact of 0.07% on the portfolio.

The company together with its subsidiaries is a diversified entertainment company with operations in five business segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive.

GuruFocus gives the stock a profitability and growth rating of 8 out of 10. The ROE of 20.55% and ROA of 9.88% are outperforming 85% of the companies in the Global Media - Diversified industry. Financial strength has a rating of 6 out of 10 with cash to debt of 0.18 is below the industry median of 1.27.

The largest shareholder among the gurus is Fisher with 0.55% of outstanding shares followed by PRIMECAP Management with 0.36%, Simons with 0.23%, Andreas Halvorsen (Trades, Portfolio) with 0.15%, Diamond Hill Capital with 0.15% and Tom Gayner (Trades, Portfolio) with 0.1%.

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

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This article first appeared on GuruFocus.