Wells Fargo Corp (WFC) Quarterly Valuation – April 2014

500px-Wells_Fargo_Bank.svgIn the wake of the great financial crisis it can sometimes be difficult for Intelligent Investors to find a solid financial company in which to invest, because they require specific achievements over the historical period.  Many investors may simply decide to throw out the worst years with the rationale that they are outliers that shouldn’t be considered when evaluating the company’s prospects, but doing so would involve speculation.  We don’t know whether the financial crisis will happen again, but we do know that if it does, we can expect to see similar results as we did before.  By continuing to require the same standards for the historical period, Intelligent Investors are able to widdle down banks to only those with the best financial position, and then they are able to determine an intrinsic value to get a sense of whether the company is a good investment.  In addition, a company must have strong financial statements to prove that it is stable enough for Intelligent Investors.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a specific look at how Wells Fargo Corp fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Wells Fargo & Company is a bank holding company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement. It provides retail, commercial and corporate banking services through banking stores and offices, the Internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. The Company provides other financial services through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. Effective November 21, 2013, Wells Fargo & Co acquired an undisclosed minority interest in Grameen America Inc.

WFC Chart

WFC data by YCharts

Defensive Investor – must pass all 6 of the following tests: Score = 6/6

  1. Adequate Size of Enterprise – market capitalization of at least $2 billion – PASS
  2. Earnings Stability – positive earnings per share for at least 10 straight years – PASS
  3. Dividend Record – has paid a dividend for at least 10 straight years – PASS
  4. Earnings Growth – earnings per share has increased by at least 1/3 over the last 10 years using 3 year averages at beginning and end of period – PASS
  5. Moderate PEmg ratio – PEmg is less than 20 – PASS
  6. Moderate Price to Assets – PB ratio is less than 2.5 or PB x PEmg is less than 50 – PASS

Enterprising Investor – must pass all 3 of the following tests or be suitable for a defensive investor: Score = 3/3

  1. Earnings Stability – positive earnings per share for at least 5 years – PASS
  2. Dividend Record – currently pays a dividend – PASS
  3. Earnings growth – EPSmg greater than 5 years ago – PASS

Valuation Summary

Key Data:

MG Value $124.32
MG Opinion Undervalued
Value Based on 3% Growth $50.50
Value Based on 0% Growth $29.60
Market Implied Growth Rate 2.79%
PEmg 14.08
PB Ratio 1.52

Balance Sheet – 12/31/2013

Total Debt $152,998,000,000
Total Assets $1,527,015,000,000
Intangible Assets $48,204,000,000
Total Liabilities $1,356,873,000,000
Outstanding Shares 5,257,160,000

Earnings Per Share

2014 (estimate) $3.75
2013 $3.89
2012 $3.36
2011 $2.82
2010 $2.21
2009 $1.75
2008 $0.70
2007 $2.38
2006 $2.49
2005 $2.25
2004 $2.05

Earnings Per Share – ModernGraham 

2014 (estimate) $3.48
2013 $3.17
2012 $2.59
2011 $2.13
2010 $1.83
2009 $1.73

Dividend History

WFC Dividend Chart

WFC Dividend data by YCharts

Conclusion:

Wells Fargo Corp is a company that is intriguing to all value investors as it passes all of the requirements of both the Defensive Investor and the Enterprising Investor.  As a result, value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company and comparing the company to other opportunities such as through a review of US Bancorp (USB) and KeyCorp (KEY).  As for the valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $1.83 in 2010 to an estimated $3.48 for 2014.  This solid level of demonstrated growth more than supports the market’s implied estimate of 2.79% earnings growth and leads the ModernGraham valuation model to return an estimate of intrinsic value that is well above the market price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Wells Fargo Corp (WFC)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

If you like our valuations, why not check out ModernGraham Stocks & Screens?  It’s a great way to review the valuations while screening for things like low PE ratio, undervalued companies, etc.!

Disclaimer:  The author did not hold a position in Wells Fargo Corp (WFC) or any of the other companies listed in this article at the time of publication and had no intention of changing that position within the next 72 hours.

Logo taken from the Wikipedia; this article is not affiliated with the company in any manner.

February 2014 in Review

image (8)Site News

February was another great month for ModernGraham.  We had nearly 28,000 visits by almost 15,000 unique visitors, while the number of people who have signed up for the email list grew from 1,656 to 2,402!  We released the fourth issue of the monthly publication, ModernGraham Stocks & Screens, which lists all of the valuations and screens them for various criteria.  This month’s edition included 184 companies, and two mock portfolios, the Defensive Undervalued Portfolio and the Enterprising Undervalued Portfolio.  February also saw the beginning of the ModernGraham Book Club, and a number of value investors began reading and discussing The Intelligent Investor by Benjamin Graham (affiliate link).  In related news, I launched BenjaminClarkLaw.com, the website for my legal practice in Illinois focusing on Estate Planning and Taxation.

Most Popular Content from February out of 74 posts:

  1. 5 Undervalued Companies for the Enterprising Investor
  2. 5 Outstanding Dow Components
  3. 15 Companies in the Spotlight This Week – 2/1/14
  4. 5 Low PEmg Companies for the Defensive Investor
  5. January 2014 in Review

Companies Reviewed in February

Baker Hughes Incorporated (BHI)
Baxter International Inc. (BAX)
BB&T Corporation (BBT)
Bemis Company, Inc. (BMS)
Chevron Corporation (CVX)
Cisco Systems, Inc. (CSCO)
ConAgra Foods, Inc. (CAG)
Delta Air Lines, Inc. (DAL)
Dover Corp (DOV)
E I Du Pont De Nemours And Co (DD)
Ecolab Inc. (ECL)
Facebook Inc (FB)
Fastenal Company (FAST)
Ford Motor Company (F)
Gannett Co., Inc. (GCI)
General Growth Properties Inc (GGP)
Genuine Parts Company (GPC)
Harman International Industries Inc./DE/ (HAR)
Hasbro, Inc. (HAS)
Intel Corporation (INTC)
Intercontinentalexchange Group Inc (ICE)
International Flavors & Fragrances Inc (IFF)
Jabil Circuit, Inc. (JBL)
Johnson & Johnson (JNJ)
Johnson Controls Inc (JCI)
JPMorgan Chase & Co. (JPM)
Kellogg Company (K)
KeyCorp (KEY)
L Brands Inc (LB)
Loews Corporation (L)
Macerich Co (MAC)
Macy’s, Inc. (M)
Microsoft Corporation (MSFT)
Molson Coors Brewing Company (TAP)
Nabors Industries Ltd. (NBR)
Nike Inc (NKE)
Noble Energy, Inc. (NBL)
ONEOK, Inc. (OKE)
Owens-Illinois Inc (OI)
People’s United Financial, Inc. (PBCT)
Pitney Bowes Inc. (PBI)
QEP Resources Inc (QEP)
Reynolds American, Inc. (RAI)
Ryder System, Inc. (R)
SCANA Corporation (SCG)
Starbucks Corporation (SBUX)
The Boeing Company (BA)
The Gap Inc. (GPS)
The Procter & Gamble Company (PG)
United States Steel Corporation (X)
UnitedHealth Group Inc. (UNH)
Unum Group (UNM)
Varian Medical Systems, Inc. (VAR)
Visa Inc (V)
Walgreen Company (WAG)
Yahoo! Inc. (YHOO)
Zions Bancorporation (ZION)

Thank You to Our Biggest Referrals

  1. Seeking Alpha
  2. CS Investing
  3. Market Folly

Thank You to Our Top Commentators:

  1. Mark
  2. Richard
  3. Hurricane Capital
  4. Rodney P. Dempsey

If you like this site, here are a few things you can do to help me keep it going:

Thank you all for taking the time to visit this site and read the work I’ve put together!

January 2014 in Review

Site News

January was another great month for ModernGraham.  We had over 25,000 visits by over 15,000 unique visitors, both figures were double the numbers seen in December, while the number of people who have signed up for the email list grew from 637 to 1,656!  We released the third issue of the monthly publication, ModernGraham Stocks & Screens, which lists all of the valuations and screens them for various criteria.  This month’s edition included over 125 companies, and two mock portfolios, the Defensive Undervalued Portfolio and the Enterprising Undervalued Portfolio.  January also saw the launch of the ModernGraham Instagram page and the ModernGraham Pinterest page, so be sure to check it out and follow them for additional helpful information!

Articles Written Exclusively on Seeking Alpha

Most Popular Content from January out of 71 posts:

  1. 5 Undervalued Companies for the Defensive Investor – January 2014
  2. 14 Companies in the Spotlight This Week – 1/18/14
  3. 14 Companies in the Spotlight This Week – 1/25/14
  4. 14 Companies in the Spotlight This Week – 1/11/14
  5. Altria Group (MO) Annual Valuation

Companies Reviewed in January

Thank You to Our Biggest Referrals

  1. Seeking Alpha
  2. Market Folly
  3. CS Investing

Thank You to Our Top Commentators:

  1. Bridget from MoneyAfterGraduation.com
  2. Carl Turnquest
  3. Angelo Reina

If you like this site, here are a few things you can do to help me keep it going:

  • Sign up for the email subscription.
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Thank you all for taking the time to visit this site and read the work I’ve put together!

15 Companies in the Spotlight This Week – 2/1/14

We looked at 15 different companies this week.  Here’s a summary of the ModernGraham Valuations.  For more detailed analysis, click on the name of the company.  To see screens of all of our valuations, be sure to get a copy of this month’s edition of ModernGraham Stocks and Screens, which was just released this week!

The Elite (Defensive or Enterprising and Undervalued)

  • 500px-Bedbath&beyond.svgBed Bath & Beyond (BBBY) - Bed Bath & Beyond Inc. is an extremely interesting company for value investors.  It is not suitable for the Defensive Investor, by not paying dividends and by trading at a high PB ratio, but it is suitable for the Enterprising Investor because its balance sheet and earnings history are strong enough to overcome the lack of dividend payments.  As a result, Enterprising Investors seeking to follow the ModernGraham methods, based on Benjamin Graham’s classic The Intelligent Investor, should feel comfortable proceeding with further research into the company and comparing its prospects against other companies that pass the ModernGraham requirements such as through a review of ModernGraham’s analysis of Target Inc. (TGT).  From a valuation perspective, the company looks great, having grown EPSmg (normalized earnings) from $1.89 in 2008 to an estimated $4.20 for 2013.  This outstanding level of growth far surpasses the market’s implied growth rate of 3.50%, and the ModernGraham valuation model returns an intrinsic value that is considerably higher than the current market price.

 

  • 500px-CA_Technologies_brand.svgCA Technologies (CA) - CA Technologies looks very good in the ModernGraham approach based on Benjamin Graham’s methods for value investors.  The company passes the requirements of the Defensive Investor, failing only the current ratio requirement, and as a result is suitable for both Defensive Investors and Enterprising Investors.  All Intelligent Investors should feel comfortable proceeding with further research to determine if CA Technologies would be right for their individual portfolios, and that research may include reviewing other companies that pass the ModernGraham requirements with a particular emphasis on a comparison with ModernGraham’s valuation of International Business Machines (IBM) and ModernGraham’s valuation of Oracle Corp (ORCL).  From a valuation perspective, CA Technologies also looks good, having grown its EPSmg (normalized earnings) from $0.76 in 2009 to an estimated $2.02 for 2013.  This is a solid level of growth that leads the ModernGraham valuation model to calculate an intrinsic value that surpasses the market’s current price.  Therefore, the company appears to be undervalued at the present time.

 

  • 500px-Caterpillar_logo.svgCaterpillar Inc. (CAT) - When we last looked at Caterpillar Inc. (here’s the previous review), it was suitable for both the Defensive Investor and the Enterprising Investor, and was undervalued.  In the last 3 months the conclusion has not changed, though the market has brought the price up 9.72%.  The company remains suitable for the Defensive Investor even though the current ratio is a bit too low, and the company is suitable for the Enterprising Investor by default due to its suitability for the Defensive Investor.  As a result, value investors seeking to follow the ModernGraham method should feel comfortable proceeding with further research, perhaps through a review of ModernGraham’s valuation of General Electric (GE) or other companies that pass the ModernGraham requirements.  From a valuation perspective, the intrinsic value returned by the ModernGraham model has increased slightly since the last valuation due to the fact the actual earnings for 2013 were higher than estimated.  The model returns a figure that indicates the market price is less than the intrinsic value, and the company appears to be undervalued.  It should be noted that the market is currently implying a growth rate for earnings of 3.08%, which is well below the growth the company has demonstrated in recent years.

 

  • 500px-Time_Warner_wordmark.svgTime Warner Inc. (TWX) Time Warner Inc. has vastly improved its EPSmg (normalized earnings) over the last 6 years.  While the company remains unsuitable for the Defensive Investor, it is suitable for the Enterprising Investor.  It fails to qualify for the Defensive Investor because of its low current ratio, its lack of earnings stability or growth over the ten year period, and its high PEmg ratio.  It should be noted, though, that it barely qualifies for the Enterprising Investor as its current ratio is 1.51, just a tad higher than the 1.5 minimum requirement.  Value Investors seeking to follow Benjamin Graham’s methods should compare Time Warner to other companies, perhaps beginning with a review of ModernGraham’s valuation of CBS Corporation (CBS), and ModernGraham’s valuation of Comcast Corporation (CMCSA).  From a valuation perspective, the company looks very appealing.  EPSmg have grown from -$1.77 in 2008 to an estimated $3.10 for 2013.  This level of growth supports a valuation much higher than the market price, and the company would appear to be overvalued.

 

  • 500px-U.S._Bancorp_logo.svgU.S. Bancorp (USB) - U.S. Bancorp is very impressive, and is in fact one of the healthiest banks I have reviewed using the ModernGraham model.  The company nearly qualifies for the Defensive Investor, which is a very difficult task for financial companies in the wake of the financial crisis.  The only problem a Defensive Investor has with the company is the lack of sufficient growth in earnings over the ten year period.  The Enterprising Investor is not swayed away from the company, though, and should feel comfortable proceeding with further research such as a review of ModernGraham’s valuation of JP Morgan (JPM) or ModernGraham’s valuation of Capital One Financial (COF).  From a valuation perspective, the company has grown its EPSmg (normalized earnings) from $1.75 in 2009 to $2.55 for 2013.  While this is not a huge level of growth, the market is only implying a growth estimate of 3.63%, which is more than supported by the growth seen historically.  As a result, the intrinsic value of the company is significantly higher than the market price, and the company appears to be undervalued.

 

  • 500px-Wells_Fargo_Bank.svgWells Fargo Corp (WFC) - After looking at the fundamentals, Wells Fargo remains an extremely intriguing company that value investors seeking to follow Benjamin Graham’s methods should be interested in researching further.  The company passes all of the requirements for both the Defensive Investor and the Enterprising Investor.  Investors should be eager to compare Wells Fargo to its competitors by reviewing the ModernGraham valuations of JP Morgan Chase (JPM) and Bank of America (BAC).  From a valuation side of things, the company fares well after growing its EPSmg (normalized earnings) from $1.73 in 2009 to $3.17 for 2013.  It is particularly noteworthy that the earnings are even greater now than they were just before the crisis, a time when banks were “booming.”  The market is currently implying a growth rate of 2.93%, but based on the historical performance of the company that growth rate should easily be beat.  As a result, the company’s intrinsic value appears much higher than the market price, and the company appears to be undervalued.

The Good (Defensive or Enterprising and Fairly Valued)

  • eBay Inc. (EBAY) - eBay appears to be a very solid company that should intrigue value investors that classify themselves as Enterprising Investors.  The company does not qualify for the Defensive Investor due to the current ratio not quite reaching the 2.0 requirement, the lack of dividend payments, and the high PEmg and PB ratios.  The Enterprising Investor is much more interested, as the company only fails the dividend requirement.  This investor type should feel very comfortable proceeding with further research to determine whether the company would be a good fit for their individual portfolios.  Such research should include a comparison against some of eBay’s competitors, perhaps starting with a review of ModernGraham’s valuation of Amazon (AMZN) and ModernGraham’s valuation of Google (GOOG).  From a valuation perspective, eBay has grown its EPSmg (normalized earnings) from $0.82 in 2008 to $2.07 in 2013.  This is a very strong level of growth that definitely supports the market’s implied estimate of 8.38% growth and the market price falls within the ModernGraham valuation model’s margin of safety.  As a result, the company appears to be fairly valued at the current time.

The Mediocre (Defensive or Enterprising and Overvalued)

  • United Parcel Service (UPS) - United Parcel Service intrigues the Enterprising Investor, but it would be much more interesting if there was stronger growth.  As it stands, the company is not suitable for the Defensive Investor because of its lack of sufficient earnings growth over the ten year period, its low current ratio, and its high PEmg and PB ratios.  The Enterprising Investor is interested, and should feel comfortable proceeding with further research into the company, beginning with a review of ModernGraham’s valuation of Fedex Corporation (FDX).  From a valuation perspective, the company has only grown its EPSmg (normalized earnings) from $2.52 in 2008 to an estimated $3.13 for 2013.  This level of growth is a little disappointing, and the ModernGraham valuation model does not return a value supportive of the market’s current price.  As a result, the company would appear to be overvalued at the present time.

 

  • Whole Foods Corp (WFM) - Whole Foods is an excellent company that must be on the watch list of all Enterprising Investors.  The company may not qualify for the Defensive Investor, due to a current ratio that isn’t quite high enough, a lack of a solid dividend history, and high PEmg and PB ratios, but the company passes the requirements of the Enterprising Investor with a perfect score.  Enterprising Investors wishing to follow Benjamin Graham’s value investing methods should pay close attention to Whole Foods while comparing it to other companies that pass the ModernGraham requirements.  From a valuation perspective, the company appears to be trading at a slight premium.  Growth has taken the company’s EPSmg (normalized earnings) from $0.50 in 2009 to $1.14 in 2013, a solid level of growth; however, the market is currently pricing the company at a level that surpasses the intrinsic value calculated by the ModernGraham valuation model.

The Bad (Speculative and Undervalued or Fairly Valued)

  • Weyerhaeuser Company (WY) - Weyerhaeuser Company intrigues me personally because of a life-long love of wood products and trees in general, but that alone is not a solid reason to invest.  The company currently does not pass the requirements of either the Defensive Investor or the Enterprising Investor, though it should be noted that the company will qualify for the Enterprising Investor next year if it demonstrates positive earnings in 2014.  The Defensive Investor does not like the company because of the lack of earnings stability or growth over the ten year period, and the high PEmg and PB ratios.  As a result, Enterprising Investors should keep the company on their watch lists as they review other opportunities by looking at companies that currently pass the ModernGraham requirements.  From strictly a valuation perspective, the company looks very attractive after growing EPSmg (normalized earnings) in the short term from -$1.02 in 2009 to an estimated $1.15 for 2013.  This level of growth is stronger than what the market is currently implying, and the ModernGraham valuation model indicates the company may be undervalued at the present time.

The Ugly (Speculative and Overvalued)

Mr. Market

  • Abbvie (ABBV) - Abbvie appears to be a company with prospects for becoming suitable for the Enterprising Investor in a few more years; however, at this time it is not suitable for either the Defensive Investor or the Enterprising Investor.  Intelligent Investors following the ModernGraham approach based on Benjamin Graham’s methods are very cautious investors, and choose to rely only on the most accurate data possible.  In this case, the majority of the earnings data invites the possibility of speculation because no one can determine exactly how Abbvie would have performed as a stand-alone company during the years it was actually a part of Abbott Labs.  As a result, the company fails the requirements for the Defensive Investor, who requires a ten year operating history, and the Enterprising Investor, who normally requires a five year operating history.  Therefore, Intelligent Investors should research other companies, such as those that pass the ModernGraham requirements.  From a valuation standpoint, it is impossible for the ModernGraham valuation model to present an accurate calculation of intrinsic value without having a longer history to determine the company’s demonstrated level of earnings growth; however, it should be noted that the market is implying a growth rate in earnings of 4.35%.  Individuals choosing to speculate on the company’s value can make estimations on their own about whether that growth rate is high or low.

 

  • Dominion Resources Inc. (D) - Dominion Resources, Inc. does not qualify for the Defensive Investor or the Enterprising Investor.  Like most utilities, it has a poor current ratio, so it must pass the remaining requirements for the Defensive Investor, but in this case the growth over the ten year period has been insufficient, the PEmg ratio is too high, and the PB ratio is too high.  As a result, value investors following the ModernGraham approach should research other companies that pass the ModernGraham requirements.  From a valuation standpoint, the company has seen its EPSmg (normalized earnings) drop from $2.93 in 2008 to an estimated $2.46 for 2013.  That lack of growth leads the ModernGraham valuation model to return an intrinsic value that is significantly lower than the market price today, and it should be noted that the market is currently implying a growth rate in earnings of over 9%.  The investor is then left to decide whether the dividend yield alone is worth the potential risk of capital loss, and that is a decision best left to individuals.

 

  • Goodyear Tire & Rubber (GT) - Goodyear does not qualify for either the Defensive Investor or the Enterprising Investor.  The company has a poor track record when it comes to earnings stability over the last 10 years, a critical requirement of the Defensive Investor that when combined with the company’s low current ratio, poor dividend history, and high PEmg and PB ratios, eliminates the company from the Defensive Investor’s list.  Similarly, the Enterprising Investor is put off by the high debt relative to current assets, and the lack of earnings stability over the last 5 years.  As a result, value investors seeking to follow Benjamin Graham’s methods may wish to seek other opportunities, such as by reviewing a list of companies that pass the ModernGraham requirements.  The company does fare well solely based on valuation, after growing its EPSmg (normalized earnings) from -$0.64 in 2009 to an estimated $0.86 for 2013.  This level of growth more than supports the market’s implied growth rate, and results in an intrinsic value that surpasses the price at which the company currently trades.  Therefore, the company appears undervalued.

 

  • Kimberly Clark Corp (KMB) - Kimberly Clark Corp has exhibited solid growth over the historical period, but it does not qualify for either the Defensive Investor or the Enterprising Investor.  The Defensive Investor is not interested because the company’s current ratio is too low and the stock is trading at high PEmg and PB ratios.  The Enterprising Investor is turned away because the company’s debt levels are too high relative to its current assets.  The company as a whole, while a very good company that is likely to be around for a long time in the future, presents slightly more risk than value investors following Benjamin Graham’s methods are willing to accept.  As a result, those investors should investigate other potential investments such as through a review of companies that pass the ModernGraham requirements.  From strictly a valuation perspective, the company appears to be overvalued at the current time.  The company’s EPSmg (normalized earnings) have grown from $3.77 in 2008 to $4.73 in 2013, which is solid growth throughout the period, but the ModernGraham valuation model does not support the market price.

 

  • Williams Companies (WMB) - Williams Companies has one strong quality, and that is the high dividend yield.  However, Defensive Investors and Enterprising Investors will not be interested in the company as it does not pass their requirements.  The Defensive Investor will be off-put by the poor current ratio, lack of earnings stability over the ten year period, and high PEmg and PB ratios.  The company similarly fails the requirements of the Enterprising Investor because of the high debt relative to current assets, the lack of earnings stability over the five year period, and the lack of earnings growth over the five year period.  Therefore, value investors seeking to follow Benjamin Graham’s methods may wish to seek out other opportunities, such as by reviewing the ModernGraham valuation of Exxon Mobil (XOM).  From a valuation perspective, the company’s EPSmg (normalized earnings) have dropped from $1.32 in 2008 to an estimated $0.65 for 2013.  This lack of growth raises concerns over whether the company will be able to maintain growth in order to continue to grow its dividend over time, and whether the company presents an opportunity for capital gains on investment.  Due to the lack of growth, the ModernGraham valuation model returns a poor valuation that is nowhere near what the market price is currently.  As a result, the company would appear to be overvalued.

Disclaimer:  The author did not hold a position in any of the companies listed in this article at the time of publication and had no intention of changing that position within the next 72 hours.

Logos taken from the Wikipedia; this article is not affiliated with the companies in any manner.

Is Warren Buffett Still a Value Investor? Guru Portfolio Review

BuffettI have once again reviewed Warren Buffett’s portfolio, and now wonder if Mr. Buffett has turned away from value investing, or if he has just developed away from Benjamin Graham’s methods and created his own.  What do you think?  Leave a comment below and let’s discuss it.

But let’s first review his portfolio again, according to the ModernGraham approach.  I visited stockpickr.com and picked out 15 companies that are among his holdings.  Out of the 15, 7 would be suitable for Benjamin Graham’s defensive investor, 1 would be suitable for the enterprising investor, and 7 would be considered speculative.  On top of that, only 6 are undervalued (according to our valuation method), 3 are fairly valued, and 6 are overvalued.

I understand that Mr. Buffett has often said that he would rather own a “wonderful company at a fair price than a fair company at a wonderful price.”  But it seems to me that some of these companies are more like “fair companies at a fair price.”

It would appear that he has moved away from Benjamin Graham’s teachings from The Intelligent Investor over the years.  What do you think?

Here are links to valuations of the 15 companies I looked at.

Photo provided by Wikipedia Commons.

Added and Updated Valuations – 10/5/09

Here are the new valuations added to our site in the past week.  To view more, click on browse valuations in our navbar.  We now have 105 in the database including all 30 components of the Dow Jones Industrial Average!

These companies were updated in our database this past week.

Don’t forget to check out the valuation calculator.

In addition, we are looking for more contributors.  If you’re interested in being a guest writer or a full-time contributor, please contact us.

(Finished Version)Guru Portfolio: Warren Buffett

In this new series, we will look at the porfolios of “guru” investors and other notable portfolios to determine if they follow the teachings of Benjamin Graham in regards to the Defensive and Enterprising Investors.  This week, we review the portfolio of Graham’s greatest student, Warren Buffett.  If you have a request of a guru or other portfolio you would like us to look at, please leave a comment below.

According to stockpickr.com, Mr. Buffett’s portfolio consists of about 25 companies.  We looked at 21 of those, and you can see the results of our valuations below.  Overall, our belief is that Mr. Buffett’s strategy has evolved away from the fundamental quantitative analysis that Benjamin Graham taught and has developed into much more qualitative than we tend to be here at ModernGraham.com.  There is much to learn when following Mr. Buffett and we do believe that he does an excellent job at evaluating business management.  He is often said to prefer a great company at a good price over a good company at a great price.

We found there to be 9 companies that are currently undervalued, 8 companies overvalued, and 4 fairly valued.  As a whole, it seems that Mr. Buffett’s portfolio is fairly valued.  However, what we found to be more significant was the fact that 11 of the 21 companies are considered speculative as they do not currently pass the requirements of Benjamin Graham’s defensive or enterprising investors.  We believe that is evidence of Mr. Buffett’s focus on a buy-and-hold approach.  Some of these companies may have passed the tests when Mr. Buffett purchased them, and now he just continues to hold them and focus on improving management.

Individual Companies:

Added and Updated Valuations – 6/29/09

Here is this week”s list of valuations that have been added to our site.  To view more, click on browse valuations in our navbar.  We now have 44 in the database!

Also, here is this week’s list of valuations that have been updated:

Don’t forget to check out the valuation calculator we added yesterday, and if you’ve got thoughts or questions about the new format please leave a comment below.

If you have a company that you’d like us to cover, please let us know by leaving a comment below.

Valuation Index

Updated as of July 20, 2017:

Here is a list of all companies currently covered by ModernGraham, as of the date listed above.  Clicking on the company name will bring you to the latest valuation of the company published by ModernGraham.

Ticker Name with Link
A Agilent Technologies Inc
AA Alcoa Corp
AAL American Airlines Group Inc
AAN Aaron’s, Inc.
AAP Advance Auto Parts, Inc.
AAPL Apple Inc.
AAXN Axon Enterprise Inc
ABBV AbbVie Inc
ABC AmerisourceBergen Corp.
ABT Abbott Laboratories
ACC American Campus Communities, Inc.
ACIW ACI Worldwide Inc
ACM Aecom
ACN Accenture Plc
ACXM Acxiom Corporation
ADBE Adobe Systems Incorporated
ADI Analog Devices, Inc.
ADM Archer Daniels Midland Company
ADP Automatic Data Processing
ADS Alliance Data Systems Corporation
ADSK Autodesk, Inc.
AEE Ameren Corp
AEO American Eagle Outfitters
AEP American Electric Power Company Inc
AES AES Corp
AET Aetna Inc
AFG American Financial Group Inc
AFL AFLAC Incorporated
AGCO AGCO Corporation
AGN Allergan plc Ordinary Shares
AHL Aspen Insurance Holdings Limited
AIG American International Group Inc
AIV Apartment Investment and Management Co
AIZ Assurant, Inc.
AJG Arthur J Gallagher & Co
AKAM Akamai Technologies, Inc.
AKRX Akorn, Inc.
ALB Albemarle Corporation
ALEX Alexander & Baldwin Inc
ALGN Align Technology, Inc.
ALK Alaska Air Group, Inc.
ALL Allstate Corp
ALLE Allegion PLC
ALXN Alexion Pharmaceuticals, Inc.
AMAT Applied Materials, Inc.
AMCX AMC Networks Inc
AMD Advanced Micro Devices, Inc.
AME AMETEK, Inc.
AMG Affiliated Managers Group, Inc.
AMGN Amgen, Inc.
AMP Ameriprise Financial, Inc.
AMT American Tower Corp
AMZN Amazon.com, Inc.
AN AutoNation, Inc.
ANF Abercrombie & Fitch Co.
ANSS ANSYS, Inc.
ANTM Anthem Inc
AON Aon plc Class A Ordinary Shares (UK)
AOS A. O. Smith Corp
APA Apache Corporation
APC Anadarko Petroleum Corporation
APD Air Products & Chemicals, Inc.
APH Amphenol Corporation
APOL Apollo Education Group Inc
ARE Alexandria Real Estate Equities Inc
ARLP Alliance Resource Partners, L.P.
ARRS ARRIS International plc
ARW Arrow Electronics, Inc.
ASH Ashland Global Holdings Inc.
ATI Allegheny Technologies Incorporated
AVB AvalonBay Communities Inc
AVGO Broadcom Ltd
AVP Avon Products, Inc.
AVY Avery Dennison Corp
AWK American Water Works Company Inc
AXP American Express Company
AYI Acuity Brands, Inc.
AZO AutoZone, Inc.
BA Boeing Co
BAC Bank of America Corp
BAX Baxter International Inc
BBBY Bed Bath & Beyond Inc.
BBT BB&T Corporation
BBY Best Buy Co Inc
BCR C R Bard Inc
BDX Becton Dickinson and Co
BEN Franklin Resources, Inc.
BF.B Brown-Forman Corporation
BGS B&G Foods, Inc.
BHI Baker Hughes A GE Co
BIIB Biogen Inc
BK Bank of New York Mellon Corp
BLK BlackRock, Inc.
BLL Ball Corporation
BMS Bemis Company, Inc.
BMY Bristol-Myers Squibb Co
BRK.B Berkshire Hathaway Inc.
BSX Boston Scientific Corporation
BWA BorgWarner Inc.
BXP Boston Properties, Inc.
C Citigroup Inc
CA CA, Inc.
CAG Conagra Brands Inc
CAH Cardinal Health Inc
CAM Cameron International Corporation
CAT Caterpillar Inc.
CB Chubb Ltd
CBG CBRE Group Inc
CBS CBS Corporation
CCE Coca-Cola European Partners plc Ordinary Shares
CCI Crown Castle International Corp. (REIT)
CCL Carnival Corp
CELG Celgene Corporation
CENX Century Aluminum Co
CERN Cerner Corporation
CEVA CEVA, Inc.
CF CF Industries Holdings, Inc.
CFG Citizens Financial Group Inc
CFNL Cardinal Financial Corporation
CFR Cullen/Frost Bankers, Inc.
CGI Celadon Group, Inc.
CGNX Cognex Corporation
CHCO City Holding Company
CHD Church & Dwight Co., Inc.
CHE Chemed Corporation
CHK Chesapeake Energy Corporation
CHRW C.H. Robinson Worldwide Inc
CHS Chico’s FAS, Inc.
CHSP Chesapeake Lodging Trust
CHTR Charter Communications, Inc.
CHUY Chuy’s Holdings Inc
CI CIGNA Corporation
CIEN Ciena Corporation
CIG Companhia Energetica de Minas Gers CEMIG
CINF Cincinnati Financial Corporation
CIR CIRCOR International, Inc.
CKH Seacor Holdings, Inc.
CL Colgate-Palmolive Company
CLD Cloud Peak Energy Inc.
CLF Cliffs Natural Resources Inc
CLGX Corelogic Inc
CLH Clean Harbors Inc
CLI Mack Cali Realty Corp
CLMS Calamos Asset Management, Inc
CLW Clearwater Paper Corp
CLX Clorox Co
CMA Comerica Incorporated
CMC Commercial Metals Company
CMCSA Comcast Corporation
CME CME Group Inc
CMG Chipotle Mexican Grill, Inc.
CMI Cummins Inc.
CMO Capstead Mortgage Corporation
CMP Compass Minerals International, Inc.
CMS CMS Energy Corporation
CMTL Comtech Telecomm. Corp.
CNC Centene Corp
CNK Cinemark Holdings, Inc.
CNMD CONMED Corporation
CNO CNO Financial Group Inc
CNP CenterPoint Energy, Inc.
CNSL Consolidated Communications Holdings Inc
CNX CONSOL Energy Inc.
COF Capital One Financial Corp.
COG Cabot Oil & Gas Corporation
COH Coach Inc
COHR Coherent, Inc.
COHU Cohu, Inc.
COL Rockwell Collins, Inc.
COLB Columbia Banking System Inc
COO Cooper Companies Inc
COP ConocoPhillips
COR CoreSite Realty Corp
CORE Core-Mark Holding Company, Inc.
COST Costco Wholesale Corporation
COTY Coty Inc
CPB Campbell Soup Company
CPF Central Pacific Financial Corp.
CPLA Capella Education Company
CPRT Copart, Inc.
CPS Cooper-Standard Holdings Inc
CPSI Computer Programs & Systems, Inc.
CPT Camden Property Trust
CRAY Cray Inc.
CRC California Resources Corp
CREE Cree, Inc.
CRI Carter’s, Inc.
CRL Charles River Laboratories Intl. Inc
CRM salesforce.com, inc.
CROX Crocs, Inc.
CRR CARBO Ceramics Inc.
CRS Carpenter Technology Corporation
CRVL CorVel Corporation
CRY Cryolife Inc
CRZO Carrizo Oil & Gas Inc
CSCO Cisco Systems, Inc.
CSGS CSG Systems International, Inc.
CSL Carlisle Companies, Inc.
CSRA CSRA Inc
CST CST Brands Inc
CSX CSX Corporation
CTAS Cintas Corporation
CTL Centurylink Inc
CTRE Caretrust REIT Inc
CTS CTS Corporation
CTSH Cognizant Technology Solutions Corp
CTXS Citrix Systems, Inc.
CUB Cubic Corporation
CUBI Customers Bancorp Inc
CUZ Cousins Properties Inc
CVBF CVB Financial Corp.
CVCO Cavco Industries, Inc.
CVG Convergys Corp
CVGW Calavo Growers, Inc.
CVLT CommVault Systems, Inc.
CVS CVS Health Corp
CVX Chevron Corporation
CWT California Water Service Group
CXO Concho Resources Inc
CXW Corecivic Inc
CY Cypress Semiconductor Corporation
CYH Community Health Systems
D Dominion Energy Inc
DAKT Daktronics, Inc.
DAL Delta Air Lines, Inc.
DAN Dana Inc
DAR Darling Ingredients Inc
DBD Diebold Nixdorf Inc
DCI Donaldson Company, Inc.
DCOM Dime Community Bancshares, Inc.
DD E I Du Pont De Nemours And Co
DDD 3D Systems Corporation
DE Deere & Company
DEI Douglas Emmett, Inc.
DFS Discover Financial Services
DG Dollar General Corp.
DGX Quest Diagnostics Inc
DHI D.R. Horton, Inc.
DHR Danaher Corporation
DIS Walt Disney Co
DISCA Discovery Communications Inc.
DISCK Discovery Communications Inc.
DLPH Delphi Automotive PLC
DLR Digital Realty Trust, Inc.
DLTR Dollar Tree, Inc.
DNB Dun & Bradstreet Corp
DNR Denbury Resources Inc.
DO Diamond Offshore Drilling Inc
DOV Dover Corp
DOW Dow Chemical Co
DPS Dr Pepper Snapple Group Inc.
DRI Darden Restaurants, Inc.
DTE DTE Energy Co
DUK Duke Energy Corp
DVA Davita Inc
DVN Devon Energy Corp
EA Electronic Arts Inc.
EBAY eBay Inc
ECL Ecolab Inc.
ED Consolidated Edison, Inc.
EFX Equifax Inc.
EIX Edison International
EL Estee Lauder Companies Inc
EMN Eastman Chemical Company
EMR Emerson Electric Co.
ENDP Endo International plc – Ordinary Shares
EOG EOG Resources Inc
EPD Enterprise Products Partners L.P.
EQIX Equinix, Inc.
EQR Equity Residential
EQT EQT Corporation
ES Eversource Energy
ESRX Express Scripts Holding Company
ESS Essex Property Trust Inc
ESV ENSCO PLC
ETFC E*TRADE Financial Corp
ETN Eaton Corporation, PLC Ordinary Shares
ETR Entergy Corporation
EVHC Envision Healthcare Corporation
EW Edwards Lifesciences Corp
EXC Exelon Corporation
EXPD Expeditors International of Washington
EXPE Expedia Inc
EXR Extra Space Storage, Inc.
F Ford Motor Company
FAST Fastenal Company
FB Facebook Inc
FBHS Fortune Brands Home & Security Inc
FCX Freeport-McMoRan Inc
FDX FedEx Corporation
FE FirstEnergy Corp.
FFIV F5 Networks, Inc.
FIS Fidelity National Information Servcs Inc
FISV Fiserv Inc
FITB Fifth Third Bancorp
FL Foot Locker, Inc.
FLIR FLIR Systems, Inc.
FLR Fluor Corporation (NEW)
FLS Flowserve Corp
FMC FMC Corp
FOSL Fossil Group Inc
FOXA Twenty-First Century Fox Inc
FRT Federal Realty Investment Trust
FSLR First Solar, Inc.
FTI TechnipFMC plc Ordinary Share
FTR Frontier Communications Corp
FTV Fortive Corp
GAS AGL Resources Inc.
GD General Dynamics Corporation
GE General Electric Company
GG Goldcorp Inc. (USA)
GGP GGP Inc
GHC Graham Holdings Co
GILD Gilead Sciences, Inc.
GIS General Mills, Inc.
GLW Corning Incorporated
GM General Motors Company
GME GameStop Corp.
GNW Genworth Financial Inc
GOOG Alphabet Inc
GOOGL Alphabet Inc
GPC Genuine Parts Company
GPN Global Payments Inc
GPS Gap Inc
GRMN Garmin Ltd.
GS Goldman Sachs Group Inc
GT Goodyear Tire & Rubber Co
GWW W W Grainger Inc
HAL Halliburton Company
HAR Harman International Industries Inc
HAS Hasbro, Inc.
HBAN Huntington Bancshares Incorporated
HBI Hanesbrands Inc.
HCA HCA Healthcare Inc
HCN Welltower Inc
HCP HCP, Inc.
HD Home Depot Inc
HES Hess Corp.
HIG Hartford Financial Services Group Inc
HOG Harley-Davidson Inc
HOLX Hologic, Inc.
HON Honeywell International Inc.
HP Helmerich & Payne, Inc.
HPE Hewlett Packard Enterprise Co
HPQ HP Inc
HRB H & R Block Inc
HRL Hormel Foods Corp
HRS Harris Corporation
HSIC Henry Schein, Inc.
HST Host Hotels and Resorts Inc
HSY Hershey Co
HUM Humana Inc
IBM International Business Machines Corp.
ICE Intercontinental Exchange Inc
IDXX IDEXX Laboratories, Inc.
IFF International Flavors & Fragrances Inc
IIVI II-VI, Inc.
ILG ILG Inc
ILMN Illumina, Inc.
IM Ingram Micro Inc.
IMO Imperial Oil Ltd (USA)
INDB Independent Bank Corp
INFY Infosys Ltd ADR
INGN Inogen Inc
INGR Ingredion Inc
INN Summit Hotel Properties Inc
INT World Fuel Services Corp
INTC Intel Corporation
INTL INTL Fcstone Inc
INTU Intuit Inc.
IOSP Innospec Inc.
IP International Paper Co
IPAR Inter Parfums, Inc.
IPCC Infinity Property and Casualty Corp.
IPG Interpublic Group of Companies Inc
IPGP IPG Photonics Corporation
IPHS Innophos Holdings, Inc.
IPI Intrepid Potash, Inc.
IPXL Impax Laboratories Inc
IR Ingersoll-Rand PLC
IRBT iRobot Corporation
IRDM Iridium Communications Inc
IRM Iron Mountain Incorporated (Delaware) REIT
ISCA International Speedway Corp
ISRG Intuitive Surgical, Inc.
ITG Investment Technology Group
ITRI Itron, Inc.
ITT ITT Inc.
ITW Illinois Tool Works Inc.
IVC Invacare Corporation
IVZ Invesco Ltd.
JACK Jack in the Box Inc.
JBHT J B Hunt Transport Services Inc
JBL Jabil Inc
JBLU JetBlue Airways Corporation
JBT John Bean Technologies Corp
JCI Johnson Controls International plc Ordinary Share
JCP J C Penney Company Inc
JEC Jacobs Engineering Group Inc
JJSF J & J Snack Foods Corp
JKHY Jack Henry & Associates, Inc.
JLL Jones Lang LaSalle Inc
JNJ Johnson & Johnson
JNPR Juniper Networks, Inc.
JOY Joy Global Inc.
JPM JPMorgan Chase & Co.
JW.A John Wiley & Sons Inc
JWN Nordstrom, Inc.
K Kellogg Company
KALU Kaiser Aluminum Corp.
KAMN Kaman Corporation
KATE Kate Spade & Co
KBH KB Home
KBR KBR, Inc.
KELYA Kelly Services, Inc.
KEX Kirby Corporation
KEY KeyCorp
KEYS Keysight Technologies Inc
KFY Korn/Ferry International
KHC Kraft Heinz Co
KIM Kimco Realty Corp
KIRK Kirkland’s, Inc.
KKR KKR & Co. L.P.
KLAC KLA-Tencor Corp
KLIC Kulicke and Soffa Industries Inc.
KLXI KLX Inc
KMB Kimberly Clark Corp
KMI Kinder Morgan Inc
KMPR Kemper Corp
KMT Kennametal Inc.
KMX CarMax, Inc
KN Knowles Corp
KND Kindred Healthcare, Inc.
KNX Knight Transportation
KO The Coca-Cola Co
KOP Koppers Holdings Inc.
KOPN Kopin Corporation
KORS Michael Kors Holdings Ltd
KR Kroger Co
KRA Kraton Corp
KRC Kilroy Realty Corp
KRG Kite Realty Group Trust
KS KapStone Paper and Packaging Corp.
KSS Kohl’s Corporation
KSU Kansas City Southern
KWR Quaker Chemical Corp
L Loews Corporation
LABL Multi-Color Corporation
LAD Lithia Motors Inc
LAMR Lamar Advertising Company
LANC Lancaster Colony Corp.
LB L Brands Inc
LCI Lannett Company, Inc.
LDL Lydall, Inc.
LDOS Leidos Holdings, Inc.
LDR Landauer Inc
LECO Lincoln Electric Holdings, Inc.
LEG Leggett & Platt, Inc.
LEN Lennar Corporation
LFUS Littelfuse, Inc.
LGIH LGI Homes Inc
LGND Ligand Pharmaceuticals Inc.
LH Laboratory Corp. of America Holdings
LHCG LHC Group, Inc.
LHO LaSalle Hotel Properties
LII Lennox International Inc.
LITE Lumentum Holdings Inc
LKQ LKQ Corporation
LL Lumber Liquidators Holdings Inc
LLL L3 Technologies Inc
LLTC Linear Technology Corporation
LLY Eli Lilly and Co
LM Legg Mason Inc
LMNX Luminex Corporation
LMOS Lumos Networks Corp
LMT Lockheed Martin Corporation
LNC Lincoln National Corporation
LNN Lindsay Corporation
LNT Alliant Energy Corporation
LOCO El Pollo LoCo Holdings Inc
LOGM LogMeIn Inc
LOW Lowe’s Companies, Inc.
LPNT LifePoint Health Inc
LPSN LivePerson, Inc.
LPT Liberty Property Trust
LPX Louisiana-Pacific Corporation
LQDT Liquidity Services, Inc.
LRCX Lam Research Corporation
LSTR Landstar System, Inc.
LTC LTC Properties Inc
LTXB LegacyTexas Financial Group Inc
LUK Leucadia National Corp.
LUV Southwest Airlines Co
LVLT Level 3 Communications, Inc.
LXP Lexington Realty Trust
LYB LyondellBasell Industries NV
LYV Live Nation Entertainment, Inc.
M Macy’s Inc
MA Mastercard Inc
MAA Mid-America Apartment Communities Inc
MAC Macerich Co
MAIN Main Street Capital Corporation
MAR Marriott International Inc
MAS Masco Corp
MAT Mattel, Inc.
MCD McDonald’s Corporation
MCHP Microchip Technology Inc.
MCK McKesson Corporation
MCO Moody’s Corporation
MDLZ Mondelez International Inc
MDT Medtronic plc. Ordinary Shares
MET Metlife Inc
MHK Mohawk Industries, Inc.
MKC McCormick & Company, Incorporated
MLM Martin Marietta Materials, Inc.
MMC Marsh & McLennan Companies, Inc.
MMM 3M Co
MMP Magellan Midstream Partners, L.P.
MNK Mallinckrodt PLC
MNST Monster Beverage Corporation
MO Altria Group Inc
MON Monsanto Company
MOS Mosaic Co
MPC Marathon Petroleum Corp
MRK Merck & Co., Inc.
MRO Marathon Oil Corporation
MS Morgan Stanley
MSFT Microsoft Corporation
MSI Motorola Solutions Inc
MTB M&T Bank Corporation
MTD Mettler-Toledo International Inc.
MTSC MTS Systems Corporation
MU Micron Technology, Inc.
MUR Murphy Oil Corporation
MYL Mylan N.V.
NAVI Navient Corp
NBL Noble Energy, Inc.
NBR Nabors Industries Ltd.
NDAQ Nasdaq Inc
NE Noble Corporation Ordinary Shares (UK)
NEE NextEra Energy Inc
NEM Newmont Mining Corp
NFLX Netflix, Inc.
NFX Newfield Exploration Co.
NI NiSource Inc.
NKE Nike Inc
NLSN Nielsen N.V. Ordinary Shares
NNN National Retail Properties, Inc.
NOC Northrop Grumman Corporation
NOV National-Oilwell Varco, Inc.
NPK National Presto Industries Inc.
NRP Natural Resource Partners LP
NSC Norfolk Southern Corp.
NTAP NetApp Inc.
NTRS Northern Trust Corporation
NUE Nucor Corporation
NVDA NVIDIA Corporation
NWL Newell Brands Inc
NWS News Corp
NWSA News Corp
O Realty Income Corp
OI Owens-Illinois Inc
OKE ONEOK, Inc.
OLN Olin Corporation
OMC Omnicom Group Inc.
ORCL Oracle Corporation
ORLY O’Reilly Automotive Inc
OXY Occidental Petroleum Corporation
PAYX Paychex, Inc.
PBCT People’s United Financial, Inc.
PBI Pitney Bowes Inc.
PCAR PACCAR Inc
PCG PG&E Corporation
PCLN Priceline Group Inc
PDCO Patterson Companies, Inc.
PEG Public Service Enterprise Group Inc.
PEP PepsiCo, Inc.
PFE Pfizer Inc.
PFG Principal Financial Group Inc
PG Procter & Gamble Co
PGR Progressive Corp
PH Parker-Hannifin Corp
PHM PulteGroup, Inc.
PKI PerkinElmer, Inc.
PLD Prologis Inc
PM Philip Morris International Inc.
PMD Psychemedics Corp.
PNC PNC Financial Services Group Inc
PNR Pentair plc. Ordinary Share
PNW Pinnacle West Capital Corporation
PPG PPG Industries, Inc.
PPL PPL Corp
PRGO Perrigo Company plc Ordinary Shares
PRU Prudential Financial Inc
PSA Public Storage
PSX Phillips 66
PVH PVH Corp
PWR Quanta Services Inc
PX Praxair, Inc.
PXD Pioneer Natural Resources
PYPL Paypal Holdings Inc
QCOM QUALCOMM, Inc.
QEP QEP Resources Inc
QRVO Qorvo Inc
R Ryder System, Inc.
RAI Reynolds American, Inc.
RAVN Raven Industries, Inc.
RBC Regal Beloit Corp
RDC Rowan Companies PLC
REGN Regeneron Pharmaceuticals Inc
RF Regions Financial Corp
RHI Robert Half International Inc.
RHT Red Hat Inc
RIG Transocean LTD
RL Ralph Lauren Corp
ROK Rockwell Automation
ROP Roper Technologies Inc
ROST Ross Stores, Inc.
RRC Range Resources Corp.
RSG Republic Services, Inc.
RTN Raytheon Company
SAIA Saia Inc
SAIC Science Applications International Corp
SAM Boston Beer Company Inc
SANM Sanmina Corp
SBNY Signature Bank
SBRA Sabra Health Care REIT Inc
SBSI Southside Bancshares, Inc.
SBUX Starbucks Corporation
SCAI Surgical Care Affiliates Inc
SCG SCANA Corporation
SCHL Scholastic Corp
SCHW Charles Schwab Corp
SCI Service Corporation International
SCLN SciClone Pharmaceuticals, Inc.
SCSC ScanSource, Inc.
SCSS Select Comfort Corp.
SCVL Shoe Carnival, Inc.
SE Spectra Energy Corp.
SEE Sealed Air Corp
SEIC SEI Investments Company
SEM Select Medical Holdings Corporation
SENEA Seneca Foods Corp
SF Stifel Financial Corp
SFBS ServisFirst Bancshares, Inc.
SFNC Simmons First National Corporation
SGMS Scientific Games Corp
SHLM A Schulman Inc
SHOO Steven Madden, Ltd.
SHW Sherwin-Williams Co
SIG Signet Jewelers Ltd.
SIGI Selective Insurance Group
SIVB SVB Financial Group
SJI South Jersey Industries Inc
SJM J M Smucker Co
SKT Tanger Factory Outlet Centers Inc.
SKYW SkyWest, Inc.
SLAB Silicon Laboratories
SLB Schlumberger Limited.
SLCA U.S. Silica Holdings Inc
SLG SL Green Realty Corp
SLGN Silgan Holdings Inc.
SLM SLM Corp
SLW SWISS LIFE HLDG SF 5,10
SM SM Energy Co
SMCI Super Micro Computer, Inc.
SMG Scotts Miracle-Gro Co
SMP Standard Motor Products, Inc.
SMRT Stein Mart, Inc.
SMTC Semtech Corporation
SNA Snap-on Incorporated
SNCR Synchronoss Technologies, Inc.
SNH Senior Housing Properties Trust
SNI Scripps Networks Interactive, Inc.
SNPS Synopsys, Inc.
SNV Synovus Financial Corp.
SO Southern Co
SON Sonoco Products Co
SONC Sonic Corporation
SPG Simon Property Group Inc
SPGI S&P Global Inc
SPH Suburban Propane Partners LP
SPLS Staples, Inc.
SPN Superior Energy Services, Inc.
SPOK Spok Holdings, Inc.
SPPI Spectrum Pharmaceuticals, Inc.
SPSC SPS Commerce, Inc.
SPTN SpartanNash Co
SPXC SPX Corp
SR Spire Inc
SRCL Stericycle Inc
SRDX SurModics, Inc.
SRE Sempra Energy
SSD Simpson Manufacturing Co, Inc.
SSI Stage Stores Inc
SSP E. W. Scripps Co
SSTK Shutterstock Inc
STBA S & T Bancorp Inc
STC Stewart Information Services Corp
STE Steris PLC
STI SunTrust Banks, Inc.
STL Sterling Bancorp
STLD Steel Dynamics, Inc.
STMP Stamps.com Inc.
STRA Strayer Education Inc
STT State Street Corp
STWD Starwood Property Trust, Inc.
STX Seagate Technology PLC
STZ Constellation Brands, Inc.
SUP Superior Industries International Inc
SUPN Supernus Pharmaceuticals Inc
SVU SUPERVALU INC.
SWK Stanley Black & Decker, Inc.
SWKS Skyworks Solutions Inc
SWM Schweitzer-Mauduit International, Inc.
SWN Southwestern Energy Company
SXC SunCoke Energy Inc
SXI Standex Int’l Corp.
SXT Sensient Technologies Corporation
SYF Synchrony Financial
SYK Stryker Corporation
SYKE Sykes Enterprises, Incorporated
SYMC Symantec Corporation
SYY SYSCO Corporation
T AT&T Inc.
TAP Molson Coors Brewing Co
TBI Trueblue Inc
TCBI Texas Capital Bancshares Inc
TCF TCF Financial Corporation
TCO Taubman Centers, Inc.
TDC Teradata Corporation
TDG TransDigm Group Incorporated
TDS Telephone & Data Systems, Inc.
TDW Tidewater Inc.
TDY Teledyne Technologies Incorporated
TECD Tech Data Corp
TECH BIO-TECHNE Corp
TEL TE Connectivity Ltd
TER Teradyne, Inc.
TESO Tesco Corporation (USA)
TEX Terex Corporation
TFX Teleflex Incorporated
TGNA Tegna Inc
TGT Target Corporation
THC Tenet Healthcare Corp
TIF Tiffany & Co.
TJX TJX Companies Inc
TMK Torchmark Corporation
TMO Thermo Fisher Scientific Inc.
TRIP Tripadvisor Inc
TROW T. Rowe Price Group Inc
TRV Travelers Companies Inc
TSCO Tractor Supply Company
TSE:ARE Aecon Group Inc
TSE:CEU CES Energy Solutions Corp
TSE:CFP Canfor Corporation
TSE:CG Centerra Gold Inc.
TSE:CGX Cineplex Inc
TSE:CHE.UN Chemtrade Logistics Income Fund
TSE:CIX CI Financial Corp
TSE:CJR.B Corus Entertainment Inc.
TSE:CLS Celestica Inc
TSE:CM Canadian Imperial Bank of Commerce
TSE:CNQ Canadian Natural Resources Limited
TSE:CNR Canadian National Railway Company
TSE:CP Canadian Pacific Railway Limited
TSE:CPG Crescent Point Energy Corp
TSE:CPX Capital Power Corp
TSE:CR Crew Energy Inc
TSE:CRR.UN Crombie Real Estate Investment Trust
TSE:CSH.UN Chartwell Retirement Residences
TSE:CSU Constellation Software Inc.
TSE:CTC.A Canadian Tire Corporation Limited
TSE:CU Canadian Utilities Limited
TSE:CUF.UN Cominar REIT
TSE:CVE Cenovus Energy Inc
TSE:CWB Canadian Western Bank
TSE:DDC Dominion Diamond Corp
TSE:D.UN Dream Office Real Estate Investment Trst
TSE:IGM IGM Financial Inc.
TSE:IMG IAMGOLD Corp
TSE:INE Innergex Renewable Energy Inc
TSE:IPL Inter Pipeline Ltd
TSE:ITP Intertape Polymer Group
TSE:IVN Ivanhoe Mines Ltd
TSE:JE Just Energy Group Inc
TSE:KDX Klondex Mines Ltd
TSE:KEL Kelt Exploration Ltd
TSE:KL KIRKLAND LAKE GOLD LTD
TSE:KXS Kinaxis Inc
TSE:LIF LABRADOR IRON ORE ROYALTY CORPORATION
TSE:LNR Linamar Corporation
TSE:LUC Lucara Diamond Corp
TSE:LUN Lundin Mining Corporation
TSE:SAP Saputo Inc.
TSE:SCL Shawcor Ltd
TSE:SES Secure Energy Services Inc
TSE:SGY Surge Energy Inc
TSE:SJ Stella-Jones Inc
TSE:SJR.B Shaw Communications Inc
TSE:SLF Sun Life Financial Inc
TSE:SMF Semafo Inc.
TSE:SNC Snc-Lavalin Group Inc
TSE:SPB Superior Plus Corp.
TSE:SPE Spartan Energy Corp
TSE:SRU.UN Smart REIT
TSE:SSL Sandstorm Gold Ltd
TSE:SSO Silver Standard Resources Inc.
TSE:STN Stantec Inc.
TSE:SU Suncor Energy Inc.
TSE:SW Sierra Wireless, Inc.
TSE:TA TransAlta Corporation
TSE:TCL.A Transcontinental Inc.
TSE:TCN Tricon Capital Group Inc
TSE:TD Toronto-Dominion Bank
TSE:TECK.B Teck Resources Ltd
TSE:tFII TFI International Inc
TSN Tyson Foods, Inc.
TSO Tesoro Corporation
TSS Total System Services, Inc.
TWX Time Warner Inc
TXN Texas Instruments Incorporated
TXT Textron Inc.
UA Under Armour Inc
UAA Under Armour Inc
UDR UDR, Inc.
UHS Universal Health Services, Inc.
ULTA Ulta Beauty Inc
UNH UnitedHealth Group Inc
UNIT Uniti Group Inc
UNM Unum Group
UNP Union Pacific Corporation
UPS United Parcel Service, Inc.
URBN Urban Outfitters, Inc.
URI United Rentals, Inc.
USB U.S. Bancorp
UTX United Technologies Corporation
V Visa Inc
VAR Varian Medical Systems, Inc.
VFC VF Corp
VIAB Viacom, Inc.
VLO Valero Energy Corporation
VMC Vulcan Materials Company
VNO Vornado Realty Trust
VRSK Verisk Analytics, Inc.
VRSN Verisign, Inc.
VRTX Vertex Pharmaceuticals Incorporated
VTR Ventas, Inc.
VZ Verizon Communications Inc.
WAT Waters Corporation
WBA Walgreens Boots Alliance Inc
WDC Western Digital Corp
WEC WEC Energy Group Inc
WFC Wells Fargo & Co
WFM Whole Foods Market, Inc.
WHR Whirlpool Corporation
WIN Windstream Holdings, Inc.
WM Waste Management, Inc.
WMB Williams Companies Inc
WMT Wal-Mart Stores Inc
WNR Western Refining, Inc.
WPX WPX Energy Inc
WR Westar Energy Inc
WRK WestRock Co
WU The Western Union Company
WWW Wolverine World Wide, Inc.
WY Weyerhaeuser Co
WYN Wyndham Worldwide Corporation
WYNN Wynn Resorts, Limited
X United States Steel Corporation
XEL Xcel Energy Inc
XL XL Group Ltd.
XLNX Xilinx, Inc.
XOM Exxon Mobil Corporation
XRAY DENTSPLY SIRONA Inc
XRX Xerox Corp
XYL Xylem Inc
YUM Yum! Brands, Inc.
ZBH Zimmer Biomet Holdings Inc
ZION Zions Bancorp
ZTS Zoetis Inc
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